Euro falls below 1.40 dollars

The euro continues to suffer from the deteriorating European economic situation and has just fallen to its lowest level against the dollar since September 2007. After losing 6.9% against the greenback between the end of June and the end of August, economists were expecting the exchange rate to stabilize. At the beginning of September, the Agefi Exchange Rate Panel anticipated an exchange rate of 1.47 euros to the dollar by November. However, the slowdown in growth in the eurozone – gross domestic product fell by 0.2% in the second quarter – appears to be confirmed. Meanwhile, the dollar is benefiting, in particular, from the fall in oil prices.