The US dollar and European single currency came within a whisker of parity for the first time since 2002 on Tuesday morning, as financial markets fret over the likelihood of a global recession ahead.
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The euro teetered on the edge of hitting $1 for the first time since 2002, as the dollar attracted haven buyers as well as support from the gap between interest rate expectations in the US compared with the eurozone.<\/p>\n\n\n\n
The dollar index fell 0.102%, with the euro up 0.1% to $1.0049, while sterling hit another two-year low and the yen was not far off its weakest in more than two decades .<\/p>\n\n\n\n
The single currency fell to just $1.0003 on Tuesday morning, pushed lower by worries that the scheduled shutdown of the Nord Stream 1 pipeline \u2013 which transports natural gas from Russia to Europe \u2013 for maintenance could be made permanent.<\/p>\n\n\n\n
Russia\u2019s invasion of Ukraine in late February has triggered fears over Europe\u2019s energy supply and hurt the region\u2019s economies, pushing the euro 12% lower against the US dollar so far this year.<\/p>\n\n\n\n
As long as the pair navigates below the 5-month support line near 1.0570, further losses remain in trade.<\/p>\n\n\n\n
In the longer run, the pair\u2019s bearish view is expected to prevail while below the 200-day SMA at 1.1055.<\/p>\n\n\n\n
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