The euro, rose to parity with the dollar on Monday in a steady march which gained strength in February this year from lacklustre US stock market performances and an expanding US current account deficit.
The European single currency was worth 1,1665 dollars when it was officially launched on January 1, 1999.
In the euphoric aftermath of its long-awaited appearance on financial markets, the euro soared briefly to its historic high of 1,1885 dollars before beginning a long downward slide against the greenback.
The currency was introduced in cash form, replacing national monies in the 12-nation euro zone, on January 1, 2002. The following is a chronology of the euro’s rise, fall and rise.
1999
– January 4: the euro finishes at 1,1837 dollars in its first day of trading
– March 1: falls below 1,10 to 1,0892 dollars
– May 26: falls below 1,05 to 1,0443
– December 2: drops below parity to 0,9995 dollars but ends at 1,0013 dollars.
–
2000
– January 27: the euro slides to 0,9882 dollars
– April 18: finishes below 0,9500 at 0,9453
– May 3: sinks below 0,9000 to 0,8948
– September 20: falls below 0,8500 to 0,8493
– October 26: plummets to an all-time low of 0,8230 dollars
– November 9: climbs back over 0,8600 following a series of interventions by the European Central Bank
– December 20: breaks through the 0,9000-dollar barrier
2001
– January 3: the euro climbs to 0,9500 after a surprise move by the Federal Reserve to lower US interest rates
– March 15: slips below 0,9000 dollars
– March 29: falls below 0,8800 as European Central Bank takes no action on interest rates
– May 31: falls below 0,8500
– September 11: following the attacks in the United States, the euro climbs above O,9100
2002
– January 2: on its introduction as cash, the euro trades at 0,9037 dollars
– February 6: ends the day at 0,8666 and begins its ascent toward parity
– March 14: rises above 0,8800 to 0,8819
– April 29: reaches 0,9000
– May 3: climbs above 0,9100 after US unemployment hits highest level in seven years
– May 22: breaks through 0,9200
– May 28: rises above 0,9300
– June 4: moves beyond 0,9400
– June 12: hits 0.9503, its best showing since January 2001
– June 20: following the announcement of a record trade deficit in the United States, the euro sprints above 0,9600 dollars
– June 21: climbs above 0,9700
– June 24: tops 0,9800
– June 26: rises above 0,9900 for the first time since January 2000, to 0,9950, its highest level since February 2000
– July 1: after rising as high as 0,9971, the euro eases back
– July 9: euro climbs back above 0,9900-dollar level, around where it hovers for a week
– July 15: euro reaches parity with the dollar for the first time in over two years. – Sapa-AFP