The move in the currency markets is due to concerns that Russia could cut off gas supplies to Europe amid the ongoing war.
The dollar and euro have reached parity amid concerns that Russia could cut off gas supplies to the continent amid the ongoing war in Ukraine and severe sanctions imposed on PresidentA loss of confidence by German investors also appears to be partly to blame for the decline in euro on Tuesday as fears mount of a potential recession in the EU. Germany is the continent's largest economy.
Europe is heavily dependent on imports of Russian gas, which is used to heat homes and generate electricity among other uses. Investors are reportedly concerned that Russia will not turn the Nord Stream 1 gas pipeline back on following a shutdown for maintenance.
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