On Tuesday, the euro reached the same level as the dollar for the first time since 2002 – the year euro notes and coins officially began to circulate.
With the euro falling to one dollar, it is the first time in 20 years this level has been reached, particularly as at the start of this year it was over $1.13.
The euro is being weakened by anxiety over poor European growth and rising fears that Russia might turn off gas supplies.
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On Monday, Russia turned off the biggest pipeline carrying gas to Germany, Nord Stream 1, for annual maintenance that is expected to last for ten days. However, governments, markets and companies are worried the shutdown might be extended because of the war in Ukraine.
This unpredictability is making the dollar a safe haven for investors, as it gained nearly 14% since the start of the year and briefly traded at one dollar to the euro at around 09:50 GMT (11:50 in Brussels), the highest since December 2002.
