New York (CNN Business) For the first time in 20 years, the exchange rate between the euro (EUU) and the US dollar is nearly the same -- the two currencies are less than one cent away from parity.
The euro hovered around $1.004 on Monday afternoon, down about 12% since the start of the year.
Fears of recession on the continent abound, stoked by high inflation and energy supply uncertainty caused by Russia's invasion of Ukraine.
before the war, is attempting to reduce its dependence on Russian oil and gas.
The European Union, which received roughly 40% of its gas through Russian pipelines before the war, is attempting to reduce its dependence on Russian oil and gas.
Now that critical piece of gas import infrastructure in Europe, has been shut down for scheduled maintenance due to last 10 days.
The ECB announced that it will hike interest rates this month for the first time since 2011, as the eurozone inflation rate sits at 8.6%. »