Euro USD parity for the first time in 20 years

For the first time in twenty years, the euro and the dollar have reached parity.

Today, 1 EUR equals 1 USD.

The shift means European companies and consumers will pay more for the goods and services they import

While European exports become immediately cheaper in international markets

The euro has experienced a dramatic loss of value since early February when it was worth over $1.13

The fall accelerated in recent weeks as fear spread that Russia, the EU's main energy provider, was going to completely cut off gas flows in retaliation for Western sanctions.