The euro is currently at a 20-year low against the dollar after soaring gas and electricity prices hit the continent.

As many investors turned to the US dollar pushed the value of many other currencies around the world down to multi-year highs, the economic outlook in Europe and elsewhere deteriorated amid rising energy prices. ladder.

According to the Wall Street Journal, the euro is currently at a 20-year low against the dollar after soaring gas and electricity prices hit the continent.Many factors push the USD to a record high in 20 years

Money market investors believe that Europe’s economy will suffer a serious downturn if Russia completely shuts off gas supplies to the continent while gas is essential for heating, lighting and transportation. operating factories in Europe. In addition, energy prices also increased due to strikes at oil fields in Western Europe.

The euro, the common currency of the euro area, fell about 1.5% against the dollar and traded at $1.0265/euro, the lowest since the end of December 2002, according to FactSet calculations.

The decline of the euro as well as the strengthening of the dollar have led many people to forecast the possibility of the day when the euro will be equivalent to the dollar.

The dollar is constantly increasing against the Swiss franc and the Japanese yen, two currencies that often attract investors’ attention when unusual circumstances occur. The yen fell to 136 yen/USD, the lowest level since 1998.

The dollar appreciated on international markets, the ICE Dollar Index, an index that measures the performance of the dollar against many other major currencies, touched the highest level in nearly two decades, from the beginning of 2022 to Today, the USD has appreciated by nearly 11%. The performance of the dollar index, if it maintains its upward momentum until the end of the year, will be the strongest since 2014, according to FactSet.