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European currency sinks to twenty-year low

European currency sinks to twenty-year low
European currency sinks to twenty-year low
Written by Harry Johnson

Reaching its weakest point since 2002, common European block currency nosedived below $0.99 for the first time in 20 years

Euro, the official currency of 19 out of the 27 member states of the European Union, plunged as much as 0.7% to $0.9880 vs the US dollar as European markets opened on Monday.

Reaching its weakest point since 2002, common European block currency nosedived below $0.99 for the first time in 20 years earlier today.

Euro somewhat rebounded later in the day and was trading at around $0.9922 against US dollar as of 09:45 GMT.

Last week, Goldman Sachs experts slashed their forecasts for the EU common currency to $0.97 over the next three months from $0.99 previously.

Market analysts also forecast the euro will remain below parity with the dollar over a six-month period.

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Previously the euro was expected to bounce back to $1.02.

According to some analysts, Russia’s Friday announcement that it would not resume natural gas deliveries to Germany and will shut off its main gas supply pipeline indefinitely, had a strong adverse effect on the European markets and currency.

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About the author

Harry Johnson

Harry Johnson has been the assignment editor for eTurboNews for mroe than 20 years. He lives in Honolulu, Hawaii, and is originally from Europe. He enjoys writing and covering the news.

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