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Euro crashes to fresh 20-year low against US dollar

Crash: In another turbulent day in forex markets that saw the pound fall, the single currency fell close to $0.97 for the first time since 2002

In another turbulent day in currency markets, the euro falls to a new 20-year low against the US dollar.

The euro fell to a new 20-year low yesterday against the soaring US dollar.

In another turbulent day in currency markets that saw the pound drop, the single currency fell close to $0.97 for the first time since 2002.

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It came as business activity in the eurozone suffered its biggest contraction in 20 months. The S&P Global Purchasing Managers’ Index, a key gauge of business conditions, was 48.2, down from 48.9 in August.

Crash: In another turbulent day in forex markets that saw the pound fall, the single currency fell close to $0.97 for the first time since 2002

Crash: In another turbulent day in forex markets that saw the pound fall, the single currency fell close to $0.97 for the first time since 2002

That was below the 50 mark that separates contraction and expansion and the lowest reading since January 2021. “A recession is looming in the euro zone,” said Chris Williamson, an economist at S&P Global.

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“Germany is facing the toughest of conditions, with the economy deteriorating at a rate not seen outside of the pandemic since the global financial crisis.”

The report underlines the devastating impact the war in Ukraine has had on the world economy as energy prices soar.

The eurozone, like the UK, is feared to be in recession. “Commercial activity has been contracting during the quarter,” said Bert Colijn of ING. “This confirms our view that a recession may already have started.”

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