Euro falls lower than threshold of 1.02 U.S. dollars, marking new low since November 2022
Date
1/14/2025 4:09:27 AM
(MENAFN) On Monday, the euro dropped lower than the notable threshold of 1.02 U.S. dollars, which marks a record low since late November 2022.
The European Central bank (ECB) put the reference exchange rate for the euro versus the U.S. dollar at 1.0198, which signals the currency's persistent decrease. Additionally, analysts issued a warning that the euro might move downward more, possibly approaching the lowest levels posted 3 years ago.
The strength of the U.S. dollar is largely attributed to unexpectedly robust employment data in the United States. This data has not only bolstered confidence in the American economy but has also led to an increase in demand for the dollar.
Experts suggest that the positive employment figures have played a significant role in strengthening the currency, reflecting the resilience of the U.S. labor market and its impact on overall economic outlook.
Goldman Sachs Group has lately adjusted its outlook for the euro, projecting that it could drop below parity with the U.S. dollar, with the exchange rate possibly declining to 0.97 to 1.
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