For the first time since October 2002, the two currencies are worth the same.
(Photo: dpa)
Frankfort, New York It’s a historic date: on Tuesday morning, the euro briefly fell to par with the US dollar. The last time the common currency was this weak was almost two decades ago in 2002, shortly after its introduction as cash.
The euro has been under pressure for some time and has lost 13 US cents since the beginning of the year. Experts now fear that the weakness of the common currency will continue. “The dollar continues to be king,” said Citigroup currency analyst Ebrahim Rahbari.
Rahbari attributes the strength of the US currency to its function as a particularly safe asset in the global financial system and the comparatively good state of the American economy.
After parity with the US dollar, the euro rate is just above it again
Read on now
Get access to this and every other article in the
Web and in our app free of charge for 4 weeks.
Continue
Read on now
Get access to this and every other article in the
Web and in our app free of charge for 4 weeks.
Continue