Wednesday, February 8, 2023

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Euro slides below $0.99 after Russia halts gas supplies to Europe

10 and 5 euro notes.

Adrien Fillon | Nurphoto | Getty Images

The euro has fallen below $0.99 for the first time in 20 years after Russia said it would shut off its main gas supply pipeline to Europe indefinitely.

At 7.30 a.m. London time Monday, the euro was trading at 0.9898 versus the dollar, just off lows of around 0.9881 hit earlier in the morning.

The dollar index, which measures the greenback against six major currencies, breached a fresh two-decade high as the British pound slid on fears over energy supply and European economic growth. 

On Friday, Russian energy supplier Gazprom announced it would not resume its supply of natural gas to Germany through the key Nord Stream 1 pipeline, blaming a malfunctioning turbine.

This is a breaking news story and will be updated shortly.

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