Euro falls against the dollar as European energy crisis bites

The Euro took a hit as the energy crisis ravaged Europe, sending the currency down below parity with the dollar earlier today, with the Euro currently standing at 0.9974 against the US currency.

The dollar strengthened on expectations that US Federal Reserve chairman Jerome Powell would be announcing higher interest rate hikes at the upcoming Jackson Hole summit this week.

The Euro struggled amid the European energy crisis, as prices soared ahead of Russia’s three-day pause to the continent’s gas supplies through the Nord Stream 1 pipeline later this month.