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May 20, 2022

Euro drops below USD 1.31 for first time since January

The euro has dropped to an 11-month low against the dollar as concerns continue over the future of the eurozone, BBC reports. The euro fell below USD 1.31 for the first time since January. Against the pound, one euro bought 84.20 pence. Last week, 26 of the 27 members of the European Union backed new fiscal rules, with only the UK abstaining. But many fear that the budget pact will still not be enough to prevent more countries from seeking a bailout. Stocks were higher and remained so in the US, but turned lower in Germany and France towards the end of the day.

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