Euro sharpens decline to two-week lows on recession concerns

Euro fell in European trade for the third straight session against dollar to two-week lows amid concerns about global recession in Europe due to the Ukrainian war. 

Prices Today

EUR/USD fell 0.15% on Thursday to 1.0415, the lowest since June 16, with a session-high at 1.0469. 

Euro lost 0.75% on Wednesday, the second loss in a row off three-week highs at 1.0615. 

Recession Concerns

Analysts predict a potential recession in the euro zone due to the ongoing Ukrainian crisis, even as the US economy proves more resilient. 

The Dollar

The dollar index rose 0.1% on Thursday for the third straight session, hitting two-week highs at 105.19 against major rivals. 

The gains come on haven demand amid concerns global recession, and after bullish remarks by Fed Chair Jerome Powell on hiking interest rates. 

Monthly Trading

Euro is now down 2.9% so far in June on track for the fifth monthly loss in the last six months.