DodoFinance Breaking News Made For You!
The euro was back on par with the dollar on Monday. The euro has been falling against the US currency for some time, and the currencies were flat before 10am.
The dollar’s recent rise in value has been linked to fears of a recession in Europe. It is feared due to high inflation and gas shortages, among others. Higher interest rates in the United States are helping the dollar advance against the euro.
A month ago, the euro and the dollar already had the same value. It is also known as equality. This is the first time in twenty years that this has happened. A few days later, the euro was briefly lower than the dollar, but then the European single currency rose slightly again.
A weak euro makes it more expensive for Europeans to buy dollars, for example to go on holiday to the US. For Americans, vacationing in Europe is actually getting cheaper.
Importing crude oil to Europe is also more expensive because oil and other commodities are settled in dollars. This is disadvantageous for motorists who need to refuel. Incidentally, oil and fuel prices have been falling for months.
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