Africa-Press – Angola. The euro traded today below the value of the dollar, at a level that had not been recorded since 2002, when it began to circulate, under pressure from the energy crisis that threatens to push Europe into recession.
At 16:30 (local time), the euro lost 0.84% and was still at 0.9941 dollars, the lowest level since 2002.
The dollar has been strengthening, benefiting from the monetary policy of the Federal Reserve (Fed), which began raising interest rates months ago and is expected to continue to raise them, which makes investments in dollars more attractive.
With the US economy less affected by the war in Ukraine than Europe, the Fed has more leeway to act than the central banks of European countries.
The appreciation of the dollar makes imports more expensive, namely those of raw materials such as oil, whose price is fixed in dollars, accentuating the inflation that affects consumers and companies.
“Europe is preparing for a new closure of the Nord Stream 1 pipeline at the end of the month,” Craig Erlam, an analyst at Oanda, told AFP.
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