The euro falls to a historic low, hitting parity with the US dollar.
The euro and the dollar are two of the world's most widely used currencies, so why has one declined in recent times?
The euro has fallen to a 20-year low and has reached parity with the dollar amid fears that an energy crisis could push the area into recession.
While the US dollar has benefited from anticipation that the Federal Reserve will raise interest rates quicker and more aggressively than rivals.
The Nord Stream 1 pipeline, the largest single pipeline supplying Russian gas to Germany, began yearly maintenance on Monday, with flows anticipated to halt for 10 days.
Governments, markets, and businesses are concerned that the closure may be extended due to the conflict in Ukraine.
"The greatest immediate issue for markets is whether Nord Stream 1 will reopen," said Bipan Rai, the North American head of FX strategy at CIBC Capital Markets in Toronto.
If it does not, Bipan Rai believes "the markets would certainly price in a recession" for the region.
On the night of July 11th, the euro fell to 99 cents versus the US dollar.
The dollar index rose to 108.19, its highest level since October 2002.
The US dollar has risen on predictions that the Fed would continue to hike interest rates aggressively in order to combat rising inflation.
"The Fed will hike rates more aggressively than most other developed market central banks, and we do not believe other developed market central banks have the capacity to keep up," Rai added.
At its July 26-27 meeting, the Fed is likely to raise interest rates by 75 basis points.
Fed funds futures traders expect the Fed's benchmark rate to climb to 3.50 percent by March, up from 1.58 percent currently.