On Monday, the euro continued to trade at less than $0.99, its lowest value in nearly 20 years, hit by uncertainties about the European economy, following the cut in the supply of Russian natural gas.
At 06:45 (Lisbon time), the euro was at $0.9883, down 0.71% from Friday, the lowest value since December 2002.
Russia’s gas consortium Gazprom announced on Friday that it would completely stop gas flow to Europe, via Germany, due to an oil leak in a turbine of its only operating compressor unit, something the EU found more evidence that Russia is not a reliable supplier.
After reaching on August 26, close to the historic high of 345 euros per megawatt hour, set in March, at the start of the war in Ukraine, the price of European natural gas had fallen by more than a third in the past week.
Natural gas trading resumed at 7:00 AM (Lisbon time).
Since the beginning of the year, the European currency has weakened further against the dollar.
The dollar has benefited from its safe-haven status at a time of market turmoil.
Source: DN
