Euro Hits Its Lowest Level Against Dollar Since 2002

The Euro fell on Monday to its lowest level against the Dollar since 2002, in light of the energy crisis that threatens Europe with recession.

On the other hand, the Dollar benefited from the successive US Federal Reserve decisions to raise interest rates, whereas the Euro lost 0.84% ​​of its value to reach its lowest level since 2002 at $0.9951.

The concern is hanging over the global gas markets due to a major energy crisis in the European continent, as there are doubts whether Russia will resume gas deliveries after suspending it for maintenance work on the “Nord Stream 1” line. Suspending gas for a longer period will inevitably lead to a recession in Europe.

The Russian state-owned energy company, "Gazprom", announced - in a statement posted on the Internet - the closure of the only pipeline that transports natural gas to Europe for 3 days at the end of August for "periodic maintenance."

Gazprom said that the only turbine operating a major compressor station in the Nord Stream 1 pipeline, which links western Russia and Germany, is scheduled to be shut down for "periodic maintenance" from August 31 to September 2.

Based on the approach of this date, gas contracts rose this morning to achieve record prices, with an increase of about 20%.

Today, Monday, the Dollar index - which measures the performance of the currency against 6 major currencies, including the Euro - rose to 108,449 for the first time since last July 14, and the last time it rose 0.074% to 108.23.

The Dollar has been rising against the Euro since last June, due to the tendency of a number of US Federal Reserve members to tighten their monetary policy.