Euro edges closer to US dollar parity‘DIRECT EXPOSURE’: Russia’s invasion of Ukraine worsened the eurozone’s growth outlook, weighing on the euro, while the Fed’s rate hikes have boosted the US dollarBloombergEurope’s common currency yesterday edged closer toward parity with the US dollar as energy concerns and the risk of recession weighed on the outlook for the eurozone, while risk aversion fueled a broad rally in the greenback. The euro dropped as much as 1.3 percent to US$1.0005, eclipsing its low from last week. The Bloomberg Dollar Spot Index has jumped as much as 1.2 percent so far this week. “Often people would look at a weaker euro and say that’s good for exports,” McKeown said. The bank is pricing the euro to move in between a range of 0.95 to parity against the US dollar, he said.

Source: Taipei Times July 13, 2022 02:36 UTC