December 9, 2022

Dubai Week

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The euro fell below $ 1.1 for the first time in two years

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On Friday, the euro fell below $ 1.10 for the first time in nearly two years and hit a seven-year low against the Swiss franc, as expectations of European economic growth weakened due to the war in Ukraine.

The euro fell 0.8% to $ 1.0967, its lowest level since May 2020, following the burning of the building after Russian forces took control of Europe’s largest nuclear power plant.

Against the Swiss franc, the safe haven currency, the euro fell 0.8% to 1.0066, the lowest level since January 2015. The euro fell 0.4% to 82.56 against the sterling, its lowest level since July 2016.

Analysts expect the effects of war and rising energy and gas prices to affect consumption and economic growth expectations in Europe.

The dollar rose 0.6% to 98,335, the highest level since May 2020 against a single basket of currencies.

For the rest of the currencies, the Australian dollar continued its rise, supported by a recovery in commodities, and hit a four-month high against the US dollar, and traded at $ 0.7375.

The Japanese coffee rose briefly against the dollar after news of a fire in a building on the nuclear power plant premises, but some of its gains gave way for a while and traded slightly higher at 115.38 against the dollar.

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