Euro falls below dollar for first time since 2002

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The euro has fallen below the dollar for the first time in almost two decades as the war in Ukraine pushes the single currency down.

The euro was down by 0.4% on the foreign exchange market in the afternoon.

The chance of a recession in the euro area has increased because of fears that Russia may restrict Europe's supplies of energy.

The euro has been weakened by the European Central Bank.

International investors eye a larger return for holding assets in that currency when the central bank raises interest rates.

The dollar has been strong in recent months as investors seek the safety of dollar assets in times of global turmoil.

Goods that are priced in dollars will be more expensive for eurozone countries.

Inflation in the eurozone is running at 8.6% for June.

The European Central Bank doesn't target a specific exchange rate, according to a spokesman. We are attentive to the impact of the exchange rate on inflation.

Interest rates are expected to increase next week.

Since the beginning of the year, the euro has plummeted against the dollar.

For most of its history, the single currency has been more valuable than the dollar. Less than a year after euro notes and coins were introduced, it traded below the dollar for the first time.