Euro falls below 99 cents hitting 20-year low on Russian gas halt concerns

The euro fell below 99 cents for the first time in nearly two decades, while sterling was on the ropes on Monday as Russia’s halt on gas supply down its main pipeline to Europe sparked concerns over energy prices and growth.

The euro slid to $0.9880 in Asia trade, the lowest level since 2002, while sterling hit a new 2-1/2-year low at $1.14445, and remained close to its pandemic trough.

Meanwhile, the U.S. dollar index, which measures the greenback against a basket of six currencies with the euro the most heavily weighted, hit a new two-decade high, surging to a top of 110.25.