Euro drops back under dollar parity

[superadmin]

LONDON – The euro fell back under dollar parity today, hit by expectations the Federal Reserve will stick to its interest rate-hiking plans.

In morning trade, the European single currency slid as low as US$0.9990 (RM4.44), dented also by growing fears of winter energy shortages in Europe.

The unit had previously sunk below parity last month for the first time in nearly 20 years.

The British pound meanwhile dipped today to US$1.1782 (RM5.28), also touching its lowest point since mid-July.

All eyes are on this week’s symposium in Jackson Hole, Wyoming, where Fed boss Jerome Powell will deliver a speech that traders will follow for an idea about the US central bank’s next moves.

- More -