Euro falls to two-decade low as energy crisis bites

The euro fell to a fresh two-decade low on Tuesday, dealt a fresh blow by renewed concern that an energy shock will keep inflation elevated and makes a recession in Europe all but certain.

Still, euro zone business activity contracted for a second straight month in August and a bleak outlook kept the euro down.“The renewed concerns about Europe following the spike in gas prices is the main reason why the euro is down,” said Holger Schmieding, chief economist at Berenberg. Heat waves on the continent have already put a strain on energy supply and worries are growing that any disruption during the winter months could be devastating for business activity.

The Japanese yen was little changed around 137.42 per dollar after touching a one-month low of 137.705 earlier.China’s yuan fell to an almost two-year low of 6.8666 per dollar as Beijing’s steps to easy policies to revive faltering growth and the Federal Reserve’s relentless tightening streak kept pressure on the Chinese currency.

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