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Euro hits 20-year low against US dollar over recession fears

Al Jazeera: 'The European Union’s single currency has sunk to its lowest level against the US dollar since 2002 as data pointed to a growing recession risk in the eurozone. The euro also dived on Tuesday as investors eyed aggressive interest rate hikes by the US Federal Reserve in its fight against inflation, in contrast with the European Central Bank which plans more modest increases.


'Just before 09:00 GMT, the shared eurozone unit tumbled to $1.0306, threatening a push towards US dollar parity for the first time since the euro’s creation in 1999. Economic growth in the eurozone floundered in June, a key survey showed on Tuesday, hit by soaring inflation.'

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