The euro has fallen below $0.99 for the first time in 20 years.
Shortly after 8:00 a.m., European markets opened, the euro was just below the 0.99 mark. 3 a.m.) is in London. There is an hour and a half time. It hit a low earlier in the day.
The dollar index hit a fresh two-decade high as the British pound fell on fears over energy supply and European economic growth.
On Friday, Russian energy supplier Gazprom said it wouldn't be able to supply natural gas to Germany through the keyNord Stream 1 line because of a malfunctioning turbine.
Hours after the Group of Seven agreed on a plan to implement a price cap on Russian oil, there was an announcement.
Ahead of a meeting of the European Central Bank Thursday, economists expect it to raise its benchmark deposit rate from 0 to 0.75% against a backdrop of concern over Europe's ability to meet its energy needs this winter and the potential for a hit to growth
Paolo Gentiloni, the EU's economics commissioner, told CNBC that the EU is ready to react if the weaponization of energy continues.
The pound is currently trading at 1.1465 against the dollar. The cost-of-living crisis will force the new premier to reckon with it.
The pound fell 4.5% against the dollar in August, its worst month since the UK's vote to leave the European Union, and one analyst expects it to fall further due to political and economic uncertainty.
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