Russia’s shutdown of its main gas pipeline to Europe has caused the euro to fall below $0.99, a new 20-year low, raising concerns about a worsening energy crisis in the area.
In recent months, there has been an increase in the correlation between the euro and natural gas prices, with the latter declining as gas prices soared.
The euro fell to $0.9876 in early European trade on Monday, its lowest level since 2002, while the pound fell by 0.5 percent to $1.1444, a fresh two-and-a-half year low, as the British economy was also exposed to rising gas prices.
In addition, Russia canceled a deadline set for Saturday for restarting the Nord Stream pipeline, blaming an oil leak in a turbine.
