Devaluation of the Euro: Cheaper than the US Dollar

The European economy is on the verge of recession

 Brussels (Belgium) – European Countries are heading for a fast economic recession as imports of natural gas and oil from Russia will soon cease. As a result of devaluation, the European Union’s currency, the Euro, is now cheaper than the US dollar. The Euro has been devalued for the first time since 2002.

Euro dips below parity against dollar for first time since 2002 https://t.co/bu5m3HyXEx

— The Guardian (@guardian) July 13, 2022

Euro’s current price is 0.9935 USD. Prior to the ongoing conflict between Russia and Ukraine until February 2022, the Euro was valued at 1.15 USD. The world-renowned bank Morgan Stanley predicts the price will drop to 0.97 USD. According to Nomura International, the Euro’s value may fall to 0.95 USD or less after September.