News
Euro falls below US dollar for first time since 2002
<h4><span style="font-size: 20px;">After nearly 20 years of the euro being superior to the dollar, euro is now below US dollar.</span></h4>
<p><span style="font-size: 20px;"><img class="aligncenter wp-image-28971 size-full" src="https://thedailypage.ng/wp-content/uploads/2022/07/images-2022-07-13T130426.527-1.jpeg" alt="US dollar " width="678" height="452" /></span></p>
<p><span style="font-size: 20px;">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&#8217;s trading, according to BBC News.</span></p>
<p><span style="font-size: 20px;">This is coming a few hours after <span style="color: var(--c-contrast-800);">both currencies reached parity on Tuesday, July 12.</span></span></p>
<p><span style="font-size: 20px;">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</span></p>
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<p class="ssrcss-1q0x1qg-Paragraph eq5iqo00"><span style="font-size: 20px;">Also, <span style="color: var(--c-contrast-800);">The European Central Bank has lagged other central banks in raising rates, further weakening the euro.</span></span></p>
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