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Russian Free Press

The euro equalized with the dollar

July 12, 2022
in Daily News
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The euro exchange rate for the first time in 20 years fell to parity against the US dollar, around 12:45 Moscow time, the exchange rate of the two major currencies of the planet was 1 to 1. This is evidenced by trading data .

"A key psychological barrier is under serious pressure," said Jeremy Stretch, head of foreign exchange trading at CIBC Capital Market.

The decline was influenced by the difficult macroeconomic conditions in which the European Union found itself. The currency is under pressure from high energy prices, in particular gas. An additional factor is the record inflation growth, which the European Central Bank (ECB) has not yet begun to fight – the regulator's key rate is still at 0% per annum.

“The ECB is in a very, very difficult position. The ECB came to the party quite late both in terms of stopping bond buying and tightening monetary policy,” Stretch said, noting that the regulator should speed up with tough decisions.

The United States has already stepped up the fight against record inflation and twice in 2022 raised the rate of the Federal Reserve System (Fed), which is currently at the level of 1.5-1.75% per annum. The increase in the rate strengthened the position of the dollar against the euro, which also affected the exchange rate of the two world currencies. The mood of currency speculators remains negative against the euro, they assume that the European currency will go below parity and reach the level of 0.985 dollars.

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