After nearly 20 years of the euro being superior to the dollar, euro is now below US dollar.
For the first time in almost two decades, a single euro bought $0.998 on the foreign exchange market at 12:45 GMT, down by 0.4% in the day’s trading, according to BBC News.
This is coming a few hours after both currencies reached parity on Tuesday, July 12.
The EU and U.S. sanctions made Russian reduced the flow of Russian oil into Europe, increasing chances of recession as the currency block is much more dependent on Russian energy than the U.S
Also, The European Central Bank has lagged other central banks in raising rates, further weakening the euro.