The euro’s slide under parity with the U.S. greenback displays Europe’s sinking financial fortunes within the face of the battle in Ukraine. However in contrast to the final time the euro was this weak 20 years in the past, no person is coming to the frequent forex’s rescue.
The euro depreciated by 0.4% towards the greenback Thursday. Whereas it closed above parity, one euro lately purchased $0.9981, the frequent forex’s weakest stage since 2002. The euro has been on a gentle decline this yr, and the selloff intensified in latest days as traders girded for Russia to enact a full-blown fuel cutoff that many concern will drive the area right into a deep recession. Driving the euro even additional decrease on Thursday was a brewing political disaster in Italy.