Euro slumps to 20-year-low against US Dollar; recession fears loom in Europe
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The euro fell to its lowest level in two decades on Tuesday, sliding over 1% for the session to hit $1.0283 against the USD. It comes as fears of a recession in the eurozone ramp up, as gas prices soar and the war in Ukraine shows no signs of abating. Euro zone inflation hit a record 8.6% in June, prompting the European Central Bank to give markets advance notice of its intention to hike interest rates for the first time in 11 years.