The Euro currency is trading at its lowest level in 20-years against the U.S. dollar.
The European currency reached a two-decade low after sliding 1% to reach $1.0283 against the
greenback.
The decline comes as fears of a recession throughout the European continent grow, with gas
prices rising and the war in Ukraine continuing with no end insight.
European inflation hit a record 8.6% in June, prompting the European Central Bank to give
markets notice that it intends to raise interest rates for the first time in 11 years at its meeting
later this month.
The record inflation in Europe is being driven largely by high gas prices. Natural gas prices in
Europe are currently at levels last seen in early March of this year.
These issues are all weighing on the Euro. The currency has lost over 9% of its value against
the U.S. dollar since the start of this year.
The American dollar continues to strengthen against other currencies as investors seek a safe
haven during the current market volatility, and as the U.S. Federal Reserve aggressively hikes
interest rates to cool off inflation.