The euro weakens to parity with the dollar

The euro weakened to the level of the on Tuesday for the first time since the introduction of the in 2002.

Finland was one of the first members of the – an informal term for countries that belong to the European Economic and Monetary Union (EMU) and use the euro as their currency. There are currently 19 eurozone members, and will become the 20th member in January 2023.

The euro fell to around $1.0003 on Tuesday morning, but some are predicting that it will push the dollar lower.

In addition, the European stock market fell as prices on the Helsinki Stock Exchange fell by 0.9 percent.

said in its morning briefing that the strengthening of the dollar could accelerate further on Wednesday if US figures for June, which will be released then, confirm expectations of further hikes by the .

In May, US inflation was 8.6 percent, the highest level in more than 40 years.

The euro has weakened 15 percent against the dollar since the start of this year on fears of ’s war in . can affect the energy supply of the euro area.

Source: The Nordic Page

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