The euro reaches parity with the dollar on fear of recession for the first time since 2002

• Markets The euro is close to parity with the dollar: another symptom of weakness in the EU and the risk of recession

The exchange rate of the

and the

has today reached parity for the first time in 20 years, since July 15, 2002, the last date on which the price of the common European currency exceeded that of the US bill, according to data from market, given growing fears that the eurozone will enter a recession dragged down by the consequences of the

.

In this Monday's session, the cross between the euro and the US currency fell to a minimum of

, the worst change since December 2002, 1.1% below the closing price of the previous session. .

So far this year, the euro has accumulated

as a result of the greater fear that the eurozone will end up entering a recession due to the impact of the war in

on prices and markets, as well as the advance with which the

(

) began to tighten its monetary policy compared to the

(

).

In fact, while the

has announced that it will undertake its first rate hike since 2011 at the end of July, with a rise of 25 basis points, the Fed began the normalization of its monetary policy last March, with a rise of 25 basis points, which was followed by increases of 50 and 75 basis points, respectively, in the two following meetings.

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