The European single currency has fallen to its lowest level in 20 years against the dollar.
(Photo: Reuters)
Dusseldorf, Frankfurt Parity between the euro and the dollar is imminent. The European single currency peaked at $1.0072. This is the lowest level since 2002. A year ago, the price was still above the $1.20 level. This is an unusually rapid devaluation on the foreign exchange market.
Experts believe that both currencies will soon be equally strong. Mark Dowding of asset manager Bluebay Asset Management said: “We are overweight the US dollar and see a possibility of it exceeding parity against the euro in the coming weeks.”
However, this development does not indicate an absolute weakness of the euro, but above all a slippage of the exchange rate against the dollar. The euro has recently appreciated against many other currencies. However, the dollar is proving to be even more robust.
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