It was probably only a matter of time – after the euro recently lost massive value against the US dollar as a currency, it is now worth less than its US counterpart for the first time since 2002.
The fall of the euro continues. It fell below one dollar for the first time since December 2002, reaching $0.9999 after the latest US inflation figures were released on Wednesday.
The single currency is under pressure from a looming recession and lower interest rates in the eurozone compared to the US. US inflation was at its highest level since November 1981.
US inflation rose to 9.1 percent in June
Inflation in the US continues to rise due to rising energy and food prices. Inflation for goods and services rose to 9.1 percent in June from 8.6 percent in May, the Labor Department said in Washington on Wednesday. Experts polled by Reuters had expected 8.8 percent.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
