Euro to dollar exchange rate at lowest level in nearly 20 years
International Business News – According to a report from Le Figaro on July 5, the euro against the dollar hit its lowest level in nearly 20 years on that day, at $1.0298 per euro, affected by European energy tensions and the strengthening of the US dollar.
European energy and inflation concerns sparked widespread fears of a recession, driving the euro lower, while the dollar surged on bets the Federal Reserve continued to raise interest rates sharply, financial analysts said. The global purchasing managers’ index released by Standard & Poor’s further confirmed the slowdown in European growth in the second quarter, and some analysts believe that a recession in the euro zone “seems inevitable”.
source: usd to rmb