The EUR/USD price crashed to the lowest level in more than two decades as concerns about the European economy continued.
It fell to a low of 0.9877, which was lower than last week’s high of 1.0035 as the divergence between the EU and US continued.The US and the European Union are moving in opposite directions as the war in Ukraine continues. Recent data from the US shows that the economy is holding on well. For example, on Friday,while the unemployment rate rose slightly to 3.7%.
On the other hand, the European economy is facing a dire recession in the coming months. For one, Russia has decided to punish the bloc by halting gas supplies to the region indefinitely. As a result, many countries that depend on Russian gas will likely result to rationing and paying higher prices for gas from other countries.
Data published on Monday showed how dire the situation in Europe is. According to S&P Global, the bloc’s services PMI dropped from 51.2 in July to 49.8 in August. The composite PMI dropped to 48.8. Additional data showed that retail sales rose by 0.3% on a MoM basis in July and contracted by 0.9% on a YoY basis.
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