The euro has fallen to its weakest level in more than a year against a resurgent dollar, as investors bet that falling oil prices and signs of weakness in the economy make the European Central Bank less likely to pursue further interest rate rises.
The single currency, which Wall Street analysts had expected to hit $1.20 this year as investors reassessed their dollar exposure, has tumbled 2.6 per cent so far this month to $1.135, its weakest level since early June 2025.
The decline has come as the US-Iran deal to restore oil flows through the Strait of Hormuz lessens the severity of an inflationary shock that had already prompted the ECB to lift borrowing costs this month.
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