Euro drops below 2022 low

Europe’s common currency fell to a new two-decade low as concern about the economic prospects for the region continue to mount, Report informs via Bloomberg.

The euro fell as much as 0.9% to 0.9951, below the prior low for 2022 of 0.9952. Following the slide, it is once again trading at levels last seen in 2002, just a few years after the currency came into existence.

Europe’s economy is facing a swath of major issues right now, with the fallout from the war in Ukraine driving up energy and food costs and a severe drought adding to challenges.