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The euro is now worth just three hundredths more than the dollar: parity is a matter of time

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With information from EFE

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The euro depreciated this Tuesday to US $ 1.03, its lowest value since November 2002, because fears of recession increased after the publication of weak data on the eurozone economy and investors took refuge in the greenback.

The euro was trading at around 0950 GMT (04:50 Tuesday in Peru) at US$1.0302, compared to US$1.0433 in late European forex trading the previous day.

Eurozone economic growth slows to a sixteen-month low in June, according to S&P Global (formerly IHS Markit). Its final composite index of the total activity of the euro zone, the manufacturing sector and services, stood at 52 points (54.8 points in May), registering its minimum of sixteen months.

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“The manufacturing sector is already contracting for the first time in two years, and the services sector has suffered a marked loss of growth momentum amid the cost of living crisis,” according to S&P Global.

The euro traded in a tight trading band on Monday around $1.0450 on a lack of US input as markets remained closed for the Independence Day celebration.

The vice president of the European Central Bank (ECB), Luis de Guindos, foresees a rise in interest rates in the euro zone in July of a quarter of a point. Other members of the Governing Council also considered that a rise of a quarter of a point is appropriate so that the markets discount a rise in the price of low money.

Source: Larepublica

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