Euro slides to 20-year low against the dollar as recession fears build
The euro fell to its lowest level in two decades on Tuesday as fears of a recession in the euro zone ramped up, with gas prices soaring and the Ukraine war showing no signs of abating.
The euro shed around 1.5% for the session to hit $1.0265 against the dollar, while the dollar index gained 1.29% to 106.49.
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Euro zone inflation hit a record 8.6% in June, prompting the European Central Bank to give markets advance notice of its intention to hike interest rates for the first time in 11 years at its July meeting.
However, growing fears of a recession may limit the central bank’s capacity to tighten monetary policy.
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https://www.cnbc.com/2022/07/05/euro-slides-to-20-year-low-a…