Sunday, May 19, 2024

Featured Video

Latest Stories

Top 10 Music

Upcoming Events

Launch Of Chavez Lodge And Lounge In Dedza

Fri, 24 May 2024 20:00:00 UTC @ Chavez Lodge and Lounge - On 24 May 2023 there will be a Launch of Chavez Lodge and Lounge in Dedza formerly known as Motel Domwe. During The Launch, The Black Missionaries Band, Anthony Makondetsa, Moda Fumulan... More Info
Young Stunna Live In Malawi

Sat, 25 May 2024 18:00:00 UTC @ Money Men Club (Nancholi-Mpemba Road) - Beer Land Festival Brings Young Stunna all the from South Africa on 25th May 2024 in Blantyre at Moneymen Club.He will be setting the stage on fire, creating an unforgettable night of ... More Info

Euro and U.S. dollar have equal value for first time in 20 years

For the first time in almost two decades, one U.S. dollar is equal to one euro.

After nearly 20 years of the euro being superior to the dollar, both currencies reached parity on Tuesday, July 12.

As at Tuesday, 1 EUR equals 1 USD. The shift means European companies and consumers will pay more for the goods and services they import, while European exports become immediately cheaper in international markets. The euro has experienced a dramatic loss of value since early February when it was worth over $1.13.

Euro and U.S. dollar have equal value for first time in 20 years

It comes as the European Union has seen inflation exacerbated by Russia’s invasion of Ukraine.

EU and U.S. sanctions have reduced the flow of Russian oil into Europe, and the currency block is much more dependent on Russian energy than the U.S.

The euro first hit price parity with the dollar in December 1999, just less than a year after its debut at $1.17. For a turbulent three years surrounding the 2001 dot-com crash, the dollar remained stronger than the euro. Worried investors treated the US currency as a safe-haven asset to hold during the burst of the tech bubble. But after 2003, the euro has remained stronger than the US dollar.

The parity of both currencies is a sign that investors are worried that a looming economic crisis will seriously affect Europe.

Subscribe to our Youtube Channel:

Related Posts

Mc Noel Kasinja
Mc Noel Kasinjahttps://faceofmalawi.com
A writer,Analyst and Music Promoter. Email: info@faceofmalawi.com

1 COMMENT

  1. I have been looking for articles on these topics for a long time. majorsite I don’t know how grateful you are for posting on this topic. Thank you for the numerous articles on this site, I will subscribe to those links in my bookmarks and visit them often. Have a nice day

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Popular Articles