[Ticker] Euro hits dollar parity for first time since 2002

EU Reporter

The euro hit parity with the dollar for the first time since 2002 on Tuesday. The eurozone currency has lost value rapidly since the start of the war in Ukraine, when it was trading at $1.15. Fear the Kremlin will cut off gas to Europe has pushed the euro down. This will drive up the relative price of oil which is traded in dollars, further driving up inflation.