In light of concerns about a European market recession and the conflict between Russia and Ukraine, the value of the dollar and the euro are “practically” equal on a global scale.
The euro fell this Friday and was quoted at $1.01, which was its lowest level against the dollar in 20 years.
International experts anticipate that both currencies will converge within a few days. Ipek Ozkardeskaya, an analyst at SwissQuote, predicted that the Euro will continue to move closer to parity unless the ECB takes a shock action, such as raising its main interest rate by 0.50 percentage points.
A more aggressive monetary policy by the US Federal Reserve has helped the dollar even more (Fed). Growing concerns about a recession cause the euro to decline, while he dollar rises on bets that the Fed will maintain its rate hikes aggressively to curb inflation,” City Index expert Fiona Cincotta.
