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Euro sinks to twenty-year low against US dollar

A cashier changes a 50 Euro banknote with US dollars at an exchange counter
A cashier changes a 50 Euro banknote with US dollars at an exchange counter Copyright Gregorio Borgia/Copyright 2022 The Associated Press. All rights reserved.
Copyright Gregorio Borgia/Copyright 2022 The Associated Press. All rights reserved.
By Euronews
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The euro fell below $0.99 as gas supply issues spark fears of a recession in the European Union

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The Euro slid to a twenty-year low against the US dollar on Monday, trading at below 99 US cents. It comes off the back of last week’s announcement from Russia that it would shut off gas deliveries to Europe indefinitely.

Speaking to Euronews why the Euro is performing so poorly, Chief Economic Adviser at the Centre for Economics and Business Research Vicky Pryce said that, "the main issue has been the differentials between interest rates in the US [and the EU] but the ECB, of course as we know, has lagged behind the trend of other central banks". 

"What we're also seeing is huge re-evaluations of economic prospects with forecasts now possibly recession coming on in Europe, even in countries like Germany, which of course is particularly hit by gas not coming as it did before from Russia," said Pryce.

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