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Battered Euro Edges Ever Closer to Parity as Dollar Runs Rampant

  • Greenback rallies against all major developed-market peers
  • European currency close to reaching parity against dollar
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Europe’s common currency edged closer toward parity with the US dollar Tuesday as energy concerns and the risk of recession weighed on the outlook for the euro area, while risk aversion fueled a broad rally in the greenback.

The euro dropped as much as 1.3% to $1.0005, eclipsing its low from last week. The last time it was this low was back in 2002. The Bloomberg Dollar Spot Index has jumped as much as 1.2% so far this week.