Euro in freefall

After being reached by the Swiss franc, the single currency and the dollar reached parity for the first time since 2002.

For the first time since 2002, the euro and the dollar reached parity, ending a long period in which the euro had always been the stronger currency: the peak had been in 2008, when one euro was worth $1.6.  Rising commodity prices and the energy crisis helped devalue the euro and strengthen the greenback.

Inflation: Causes and consequences

Further worsening expectations in European markets is monetary policy, with the Fed already on its third tightening since the beginning of the year, with benchmark rates at 1.5 percent to 1.75 percent and possibly exceeding 3 percent by December while the ECB has yet to begin.

Swiss franc reaches parity with the euro

Parity, at present, also exists against the Swiss franc.