The euro falls to its lowest level in 20 years

The euro fell to its lowest level in 20 years on Tuesday as Europe’s concerns about energy supplies and economic growth worsened, while the dollar rose against major currencies, supported by inflows in the currency, which is considered a safe haven.

The euro reached 0.9909 dollars, the lowest level since late 2002, and recorded a decrease in the latest trading by 0.29 percent to 0.9914 dollars.

Russia will halt natural gas supplies to Europe via the Nord Stream 1 pipeline for three days at the end of the month, in a new indication of the precarious state of the continent’s energy supplies.

Heat waves in Europe have already strained energy supplies and fears are growing that any disruption during the winter months could be disruptive to business.

The British pound fell to a new low, the lowest in two and a half years, at $1.1729, while the Japanese yen settled at 137.270 per dollar, after touching a one-month low of 137.705 earlier in the day.

The risk-sensitive Australian dollar fell to its lowest level in a month and recorded in the latest trading, a decline of 0.29 percent to $ 0.6859. Its New Zealand counterpart slipped 0.15% to $0.6163.

The Chinese yuan also fell to a nearly two-year low of 6.8552 per dollar.

The dollar index, which measures its performance against a basket of major currencies, the heaviest of which is the euro, strengthened at 109.12, trying to breach the highest level in 20 years at 109.29 recorded in July.

Adding to investors’ appetite for the dollar as a safe haven, the risk of the Federal Reserve issuing a tough message during the Jackson Hole seminar.