The Euro has slid to below to the dollar for the first time in 20 years, the first time since it became well established as a currency.
Since 1999 it has usually kept above the dollar, except for dips in its first few years when it sank to a record low of $0.82 in October 2000.Americans seeking a trip to see Paris or Barcelona may appreciate their exchanged currency going further, but it could bring drawbacks for the US too.
It may become harder for US companies to sell goods overseas as they are proportionally more expensive, while it could benefit European companies exporting goods to the US.For Europeans, the weakened euro could worsen their difficulties getting fuel, as imported oil is priced in dollars., driven up by a spike in fuel costs, more expensive food and rent, and pricier cars and hotel rooms.
Annual inflation in the eurozone’s 19 countries is also high, hitting 8.6% in June, surging past the 8.1% recorded in May.RussiaGerman Economy Minister Robert Habeck said: ‘Based on the pattern we’ve seen, it would not be very surprising now if some small, technical detail is found and then they could say “now we can’t turn it on any more”.’
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