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

D + D – Normal size

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.

Print
Email




See also  The Turkish lira's historic decline continues after Erdogan's new term
  • Nadia Barnett

    "Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

    Related Posts

    • Economy
    • November 2, 2024
    • 24 views
    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    The wealth management landscape is undergoing a dramatic transformation, fueled by the rise of financial technology (fintech), according to fintech entrepreneur Emils Kerimovs. No longer exclusive to the ultra-wealthy, innovative…

    UAE Powering Gaming Boom in the Middle East

    The gaming industry in the Middle East is experiencing a growth spurt, with Saudi Arabia and the United Arab Emirates (UAE) among the countries attracting major investments. However, this digital…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    How to Choose the Right Mattress: Find the Best Fit for You

    How to Choose the Right Mattress: Find the Best Fit for You

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Best Kitchen Renovation Ideas to Upgrade Your Space

    Best Kitchen Renovation Ideas to Upgrade Your Space

    Where to Get a Professional Massage in Dubai

    Where to Get a Professional Massage in Dubai

    Dog Spay Surgery 101: Benefits, Risks, Cost, and Aftercare

    Dog Spay Surgery 101: Benefits, Risks, Cost, and Aftercare