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Euro teeters on the brink of parity with the U.S. dollar on recession fears

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A financial trader monitors data on computer screens as a desktop television shows euro currency banknotes at the Frankfurt Stock Exchange in Frankfurt, Germany.
Martin Leissl | Bloomberg | Getty Images

The euro hovered close to parity with the U.S. dollar on Tuesday, as the euro zone’s energy supply crisis and economic woes continue to depress the common currency.

The euro was trading 0.35% lower at around $1.0004 at 9:15 a.m. London time on Tuesday morning.

Fears of a recession have grown in recent weeks due to rising uncertainty over the bloc’s energy supply, with Russia threatening to further reduce gas flows to Germany and the broader continent.

The prospect of a starker economic slowdown has also cast doubt over whether the European Central Bank will be able to tighten monetary policy aggressively enough to rein in record-high inflation without deepening the economic pain.

This is a developing news story and will be updated shortly.

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