Euro is below $0.99 at its lowest level in twenty years

The price of the euro fell below $0.99, its lowest level in twenty years, in light of the uncertainty surrounding the outlook for the European economy after the Russian group Gazprom announced on Friday it was suspending gas supplies via the Nord Stream gas pipeline.

The euro fell 0.70% to $0.9884 on Monday, its lowest level since December 2002, continuing its year-to-date decline against the US currency.

On Friday, Gazprom announced that gas supplies via Nord Stream, which were due to resume on Saturday after maintenance, would be “completely” halted until the turbine on the main gas pipeline supplying Europe was repaired.

Turbine manufacturer Siemens Energy considered the shutdown technically unjustified.

After the price of European natural gas approached its all-time high of 345 euros per MWh on August 26, it fell by more than a third within a week last week to trade again on Monday.

On the other hand, the available preliminary indicators indicate that the European stock markets will face a sharp decline when they open on Monday.

Source: AFP.

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