For the first time since October 2002, the two currencies are worth the same.
(Photo: Reuters)
Frankfort, New York The fall of the euro against the world’s leading currency, the US dollar, continues. For the first time since October 2002, the European common currency was quoted at par with the dollar on Tuesday.
One euro was worth $1.0005 again this morning after reaching parity. A year ago, the price was still above the $1.20 level. According to many strategists, parity was only a matter of time.
Currency analyst at Citigroup, Ebrahim Rahbari, assumes that the euro will continue to fall even after falling below parity with the dollar: “The dollar is still king.” Rahbari attributes the strength of the US currency to its function as being particularly safe asset in the global financial system and the comparatively good state of the American economy. At the same time, this harbors economic risks for Europe and emerging countries.
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