Euro crashes to five-year low

Must read

U.S. soccer removes Islamic Republic logo from Iran flag to show ‘support for the women in Iran’

The U.S. Soccer Federation briefly displayed Iran’s national flag on social media without the emblem of the Islamic Republic, saying the move supported protesters...

China’s rare public rebellion against zero-COVID lockdowns sends markets tumbling

U.S. futures were lower after a mixed, shortened session Friday on Wall Street. Oil prices fell more than $2 a...

Amid protests over lockdowns, Goldman Sachs warns that China’s COVID-zero exit may be ‘forced and disorderly’

China’s climbing COVID caseload and expanding lockdown measures, which prompted rare public protests over the weekend, highlight the risk of an unplanned and chaotic...

The mining industry can’t ignore a startup’s solution to a decades-old copper problem: ‘The potential is enormous’

The warnings keep getting louder: the world is hurtling toward a desperate shortage of copper. Humans are more dependent than ever on a metal...

The euro plummeted to a five-year low against the US dollar during Wednesday’s trading, amid heightened fears of a possible energy crisis and an economic slowdown in Europe.

As of 11:01am GMT, the euro/dollar exchange rate was down to $1.061 from the previous closing level of $1.0636. Earlier in the day’s trading, the index fell to $1.0586, dropping below $1.06 for the first time since April 2017.

The euro weakened further after Russian energy giant Gazprom cut off gas supplies to Poland and Bulgaria over their refusal to pay in rubles, leading to uncertainty about the bloc’s energy security.

In March, Russian President Vladimir Putin announced that payments for natural gas supplies to the European Union and other countries that had imposed sanctions on Russia, were to be made in the Russian currency. The new payment mechanism has now been implemented, the Kremlin announced on Tuesday.

For more stories on economy & finance visit RT’s business section

More articles

Latest article

U.S. soccer removes Islamic Republic logo from Iran flag to show ‘support for the women in Iran’

The U.S. Soccer Federation briefly displayed Iran’s national flag on social media without the emblem of the Islamic Republic, saying the move supported protesters...

China’s rare public rebellion against zero-COVID lockdowns sends markets tumbling

U.S. futures were lower after a mixed, shortened session Friday on Wall Street. Oil prices fell more than $2 a...

Amid protests over lockdowns, Goldman Sachs warns that China’s COVID-zero exit may be ‘forced and disorderly’

China’s climbing COVID caseload and expanding lockdown measures, which prompted rare public protests over the weekend, highlight the risk of an unplanned and chaotic...

The mining industry can’t ignore a startup’s solution to a decades-old copper problem: ‘The potential is enormous’

The warnings keep getting louder: the world is hurtling toward a desperate shortage of copper. Humans are more dependent than ever on a metal...