by Wolf Richter
Wolf Street
No longer the cleanest dirty shirt.
The somewhat bedraggled US dollar lost more ground against the euro today. It now takes 1.16 USD to buy 1.00 EUR, putting the dollar at the lowest level against the euro since November 2021.
In early January, after the euro had fallen against the USD for three months, there was talk that the euro would fall below parity with the dollar. That didn’t happen. After the euro dropped to $1.02, it bounced off and then began to soar.
Over the longer term, as we’ll see in a moment, the EUR/USD exchange rate just moved back into the middle of the long-term range.