Euro falls further against the dollar

Euro falls further against the dollar
Euro falls further against the dollar

Photo: ANP

The euro has fallen further in value against the US dollar. For the first time in two decades, the single currency was worth less than 99 cents. That the dollar is becoming more expensive is related to fears of a recession in Europe. Especially now that the energy crisis on the continent is affecting economic growth. Higher interest rates in the United States are also helping the dollar move forward against the euro.

The euro fell to $0.9883 pre-market trading. The currency was at its lowest level since 2002.

The weaker euro makes it more expensive for people who pay with the euro to buy dollars. For Americans it is actually cheaper to buy euros. For European companies, importing American goods is becoming more expensive, while European companies that export can benefit from the cheap euro. Crude oil imports into Europe will cost more, as oil and other commodities are settled in dollars. That could further boost inflation.

The article is in Dutch

Tags: Euro falls dollar

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