Dollar has overtaken the Euro this is the first time in history | Currency update 25 August 2022
The dollar made history by overtaking the eurođąđŽ
The incident that did not happen in twenty years, happened this time. The value of the euro against the US dollar is the highest depreciation in 20 years.
image: Collected
This information is known according to the report of RT.
Market analysis on Monday (August 22) showed that the value of the euro against the dollar stood at zero decimal 9935. In February this year, the value of the dollar against the euro was 1.15. But the Russia-Ukraine conflict has created a multifaceted crisis in European countries, which has affected the value of the euro.
However, the euro rose slightly against the dollar in early August. At that time, the value of the dollar against each euro stood at 1.03. Currently, as the value of the euro against the dollar is the lowest, the concerned businessmen of the European Union countries are fearing a major economic recession.
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According to Bloomberg, Societe Generale SA foreign exchange strategist Keith Zekis said the euro looks to be under pressure again by the end of the summer. This is partly due to the Damoclean sword hanging over the global position of the dollar and the European economy, which is not going away.
Amid growing uncertainty over Russia's energy supplies, fears of a recession are intensifying in European countries. Due to which the value of Euro has recently fallen. Before that, in July 2002, the value of the euro was equal to the dollar for the first time.
