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U.S. Dollar, Euro reach parity for first time in 2 decades

For the first time in two decades, the value of the US dollar was equal to the euro.

According to the European Central Bank, November 2002 was the last time the two currencies were identical. Since then, the value of 1 euro has exceeded the value of 1 US dollar.

At one point in 2008, before the U.S. entered a recession, the value of 1 euro was equal to $ 1.58.

Since February, the value of the euro has fallen by more than 12%. Europe has had more severe economic impacts as a result of the war in Ukraine, including a further rise in energy prices.

In much of western Europe, gas prices have reached more than $ 8 a liter.

The International Monetary Fund said in April that the war in Ukraine had pushed Europe back in the wake of COVID.

“The war is a serious setback for Europe’s strong but incomplete recovery from the pandemic, which left private consumption and investment well below pre-coronavirus forecasts, although fiscal aid and subsidies boosted a spectacular rebound in employment to the level seen before the pandemic,” he wrote.

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U.S. Dollar, Euro reach parity for first time in 2 decades Source link U.S. Dollar, Euro reach parity for first time in 2 decades

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