EUR/USD Hits 19-Year Low

EUR/USD Down by Over 1.5% in New York Session

Tuesday 5th July 2022 saw the Euro and several other major currencies fall unusually strongly against the US Dollar during the London session, continuing into the early part of the New York session. The benchmark EUR/USD currency pair was down by more than 1.50% as the NYSE opened for the first time after the 4 July holiday the previous day. The GBP/USD currency pair was also down by more than 1.3%, trading well below $1.1950. The Canadian, Australian, and New Zealand Dollars were not far behind the Euro and Pound in terms of declines against the greenback, but the Euro led the way.

As the NYSE opened, the EUR/USD currency pair was trading at $1.0259, just a few pips above the huge quarter-number at $1.0250. This is the lowest price seen since late 2002 – a 19-year low. In recent days we have seen a similar, 20-year high in the USD/JPY currency pair, so although there is a story in the Euro’s weakness, the longer-term story has been Dollar strength dominating the Forex market.