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The Guardian - UK
The Guardian - UK
Business
Julia Kollewe and Graeme Wearden

Euro nears parity with dollar as pound hits two-year low

Euro Neil Wilson United States Europe Russia ECB
One euro coin placed on top of one dollar bills
One euro coin placed on top of one dollar bills Photograph: Gerard Bottino/SOPA Images/REX/Shutterstock

The euro is on the brink of parity with the dollar as investors fear that an energy crisis will plunge the region’s economy into recession.

The single currency fell to just $1.0003 on Tuesday morning, pushed lower by worries that the scheduled shutdown of the Nord Stream 1 pipeline – which transports natural gas from Russia to Europe – for maintenance could be made permanent.

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