Euro drops to dollar parity as eurozone recession fears mount

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London (AFP) – The euro struck parity with the dollar for the first time in nearly 20 years on Tuesday as a cut in Russian gas supplies to Europe heightened fears of a recession in the eurozone. The European single currency hit exactly one dollar — its lowest level since December 2002 — before bouncing back to as high as $1.0070. Oil prices plunged on concerns of a wider recession as central banks hike interest rates to fight decades-high inflation, with both main contracts falling back under $100 per barrel at one point. While European stocks initially moved lower, they rallied in afternoon…

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