The euro has fallen to a 20-year low as the dollar soared on worries over the global economy.
The eurozone’s currency slid by 1 per cent, taking it below parity with the greenback once again to just $0.9927.
The pound was also down 0.6 per cent at $1.1743 – its lowest since March 2020 – as traders rushed to buy into the dollar which is traditionally seen as a safe haven during times of economic turmoil.
The euro has fallen to a 20-year low as the dollar soared on worries over the global economy
It comes just days before central bankers from around the world meet at the annual Jackson Hole conference in Wyoming, where conversations about interest rates and inflation are likely to take centre stage.
The US has waged an aggressive war against inflation over the past few months, with two 0.75 percentage point interest rate hikes.
This has made its own currency more attractive to traders – at the expense of others.
Meanwhile, the euro is suffering with its own problems. Germany, the largest economy in the eurozone, is increasingly likely to fall into a recession, according to its central bank the Bundesbank.
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