The euro rebounded on Tuesday after earlier sliding to a 20-year low and effectively reaching parity against the US dollar as investors worried that an energy crisis in the region will tip the economy into recession. The single currency reached $1.00005 against the greenback, the lowest since Dec. 2002, after data showed that German investor sentiment plunged below levels at the outset of the coronavirus pandemic in July due to energy concerns, supply bottlenecks and rate hikes from the European Central Bank. “For all intents and purposes, it effectively reached parity,” said Mazen Issa, senior FX strategist at TD Securities in New York The Aussie was last up 0.22pc at $0.6752, after earlier falling to $0.6712, the lowest since June 2020. The US dollar fell 0.55pc against the Japanese yen to 137.33, after hitting 137.73 on Monday, the strongest level in 24 years. In the cryptocurrency market bitcoin dipped 0.46pc to $19,858.
The world today teeters on the edge of catastrophe, consumed by a series of interconnected…
Recent terrorist attacks in the country indicate that these ruthless elements have not been completely…
One of Pakistan's most pressing challenges is its rapidly growing population, with an alarming average…
Pakistan's economy is rewriting its story. From turbulent times to promising horizons, the country is…
After a four-day respite, Lahore, alongside other cities in Punjab, faces again the comeback of…
The Australian government's proposal to ban social media for citizens under 16 has its merits…
Leave a Comment