The value of euro before US dollar dropped to an all-time lowest level since 2002 on 22 August. This is largely due to rising concerns about a possible recession in Eurozone.
Europe’s single currency’s value dropped below that of US dollar on Monday as well.
On Tuesday, 23 August, the value of Euro before US dollar dropped to 0.9901 USD/EUR.
The drop was largely caused by the latest data reported by S&P Global. This data indicates that the Purchasing Managers’ Index (PMI) in Eurozone has dropped to 49.2 points in August when compared to 49.9 points in July. This means Eurozone has reached the lowest PMI level in the last 18 months.
The index remains below 50 points, which indicates a drop in activity.
Also read: Euro drops below US dollar yet again