Euro falls to multiyear lows on sanctions concerns

Friday, 04. March 2022 13:49

The euro continued its recent drop against several major currencies, hitting fresh multiyear lows amid fears about the economic, and especially inflationary effects the Eurozone may suffer due to the conflict in Ukraine and the severe sanctions the European Union imposed against Russia. The European Central Bank (ECB) is expected to make its next monetary policy decision on March 10.

The euro was 0.40% down compared to the pound, selling for 0.82570 at 1:38 pm CET, landing at the lowest point since July 2016. The Eurozone currency decreased by 0.94% against the dollar to go for 1.09586 at 1:41 pm CET after standing at the weakest exchange rate since May 2020.

The euro declined by 1.04% in comparison to the Swiss franc, buying 1.00585 at 1:43 pm CET after plummeting to a seven-year low earlier in the day. The euro dropped 0.94% against the Japanese yen, rating at 126.51150 at 1:46 pm CET, the worst level seen in more than a year.

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Author:
Baha Breaking News (BBN) / MS