The euro has continued to decline since Monday, ranging between 1.007 and 1.004 US dollars for every one euro, recording a decrease of about 15% since the beginning of this year.

The rapprochement between the two currencies coincides with Russia’s shutdown of a major pipeline carrying gas to Germany, under the pretext of annual maintenance.

The maintenance work, which includes testing of mechanical elements and automation systems, is scheduled to be completed on July 21.

On July 5, the euro fell to $1.033, deepening the losses of the European currency at the time by 8%, against the dollar.

And “Reuters” agency quoted at the time, Derek Halpenny, head of global markets research at MUFG, that “the risks of Europe sliding into recession are increasing after another big jump of 17% in natural gas prices in both Europe and Britain.”

Rabobank FX strategist Jane Foley said, “It could be worrying for a number of currencies, especially if the US Federal Reserve decides on significant rate hikes in the coming months as expected.”

German Economy Minister Robert Habeck, in a radio interview last Saturday, commenting on Russia’s shutdown of the gas pipeline, said, “Everything is possible, everything can happen, gas can flow again, maybe more than before, and nothing can come.” ‘, according to Fox Business.

And last week, European Central Bank President Christine Lagarde said that the bank will go ahead