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Euro Reaches Parity Against the US Dollar, While the USD Index Taps a 20-Year High

Eight days ago, the euro tapped a record low against the U.S. dollar as it hit $1.028 per unit against the USD last Tuesday. This week, the official currency for 19 of the European Union’s member states reached parity against the U.S. dollar for the first time in 20 years.

Even though it was a goal for the European Union (EU) to introduce a sovereign fiat currency for the EU back in the sixties, the euro did not get introduced until January 1, 1999. At first, the euro was introduced virtually, and by 2002 bills and coinage started to circulate. Close to 24 years later, the euro is not doing well against America’s greenback, and the EU’s sovereign currency reached parity with the U.S. dollar on Tuesday, July 12.

What do you think about the euro reaching parity with the U.S. dollar this week? Let us know what you think about this subject in the comments section below.


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