The euro is going through the longest decline in its history, Bloomberg noted. The euro has lost ground against the US dollar for the ninth consecutive week. In recent months, traders have been selling the euro amid key rate hikes by the European Central Bank.
The euro fell against the US dollar for the ninth consecutive week. This is the longest path for the European currency to fall against the US currency since the first was created in 2002, Bloomberg noted.
Since the local high reached on July 18, the euro has fallen 5.4% against the dollar. According to current data at the time of this publication, the euro-dollar pair is trading on the market at $1.064 per euro.
On September 14, the European Central Bank raised rates by 25 percentage points and signaled that the peak of rate increases had already been reached. Immediately after the ECB meeting, the euro began to decline in price against the dollar; Analysts surveyed by the agency believe that the European currency will lose ground against other currencies.
Author:
Kirill Bilyk
Source: RB
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