AFP

On Monday, the price of the euro fell below $0.99 for the first time in twenty years, in light of concerns surrounding the European economy after the Russian group Gazprom announced on Friday that it would completely halt gas supplies through the Nord Stream pipeline. The euro fell 0.26% to $0.9903 on Monday at around 6:00 GMT, after falling to $0.9883, its lowest level since December 2002. The European currency has lost 13% of its value against the dollar since the beginning of the year. "The euro fell below $0.99 for the first time in twenty years after Russia closed the Nord Stream 1 gas pipeline for an indefinite period to Europe at a time when the Group of Seven countries agreed to impose a ceiling on the price of exports," said Victoria Scholar, an analyst at Interactive Investor. Russian gas. Michael Hewson, an analyst at CMC Markets, predicted that the European currency "will likely fall further." The seven major industrialized countries targeted Russia's energy revenues by agreeing to impose a ceiling on the price of its oil exports. Moscow responded by declaring a complete halt to gas supplies through the Nord Stream pipeline, which is vital to Europe, until a turbine is repaired. The turbine manufacturer, Siemens Energy, considered the halt technically unjustified. - Uncertain economic prospects - After the price of European natural gas on August 26 approached its historical maximum of 345 euros per megawatt hour recorded in March at the beginning of the Russian invasion of Ukraine, it fell last week by more than a third within a week, to be traded again on Monday. On the other hand, indicators point to a sharp decline in European stock exchanges at the start of trading on Monday, according to Scholar, due to the uncertainty surrounding economic prospects due to tension over energy supplies. The current long-term conditions contribute to the weakening of the euro, with high energy prices undermining consumers' budgets and threatening to cause an economic downturn in European countries. On the other hand, the dollar is constantly strengthening, taking advantage of its status as a haven currency. The British pound has also fallen as Britain is very exposed to fluctuations in the price of gas, a highly reliable energy source. The British currency lost 0.12% and fell to $1,1479 around 8:00 GMT, its lowest level since the quarantine was imposed in March 2020 and the shock of the start of the Covid-19 epidemic. The country is awaiting the unveiling of the identity of the next prime minister who will succeed Boris Johnson amid the cost of living crisis in the United Kingdom, where high energy prices threaten to throw a third of British families into poverty. Liz Terrace, the most likely to be prime minister, declined to make promises to provide direct aid to families, describing this as mere "bandages."