Euro Falls to Lowest in 5 Years Forex EURUSD
. This path pushed the most popular currency pair in the forex market to the 1.0514 support level, the lowest in five years, and settled around the 1.0555 level at the time of writing the analysis.The decline continued amid investor concerns about growth and threats to energy supplies from Russia. The single European currency, the euro, tumbled past the lowest level it reached in the first weeks of the coronavirus pandemic in March 2020, after Russia said it would cut gas to Poland and Bulgaria.
Traders, who requested anonymity because they are not authorized to comment on the forex foreign exchange market publicly, said that the currency's decline since the New York close saw significant momentum in sell orders below the target low. On the future performance of the euro-dollar: Some analysts are of the opinion that a depreciation of the euro-dollar exchange rate could move it close to it, or achieve 1:1.
Jeremy Bolton, market analyst at Reuters, says the chance of EUR/USD falling below parity is greater now than it was during the eurozone debt crisis in the early 2000s. Bolton added, “Demand for the dollar resulting from significant tightening in US monetary policy is likely to lead to a larger decline than in 2015 when bets on the end of the single European currency drove traders into a record sell-off and the pair fell to 1.0457.
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