This year, the euro experienced a rapid and severe decline due to a variety of factors. For the first time in more than twenty years, the currency broke parity with the dollar. This is reported by Reuters.
The euro reached its lowest level for the first time since December 2002. The euro fell 0.4 percent to a low of $0.9998.
"Fuel caps, stagflation, and an expected recession are all good reasons to be bearish on the euro," experts said.
Since the introduction of the euro in 1999, the currency has been below parity with the dollar for a short time. The last time it was between 1999 and 2002, when the euro fell to a record low of $0.82 in October 2000.
The publication writes that the falling euro is only fueling record high inflation, which the European Central Bank is trying to contain.