Euro falls to the lowest since 2002

The euro is trading at the lowest level since November 2002.

It broke the July low of 0.9950 on steady selling over the past few hours. The catalyst has been a fresh risk in TTF natural gas and forward power prices. It was kicked off by the announcement of a fresh maintenance shutdown for the Nord Stream 1 pipeline.

The monthly chart shows little support until the lows from the early 2000s.

Notably, today's low so far is only at 0.9949 on EBS, which is one pip Pip In forex markets, a pip is a percentage in point or price interest point (pip), reflecting a unit of change in an exchange rate. Major currency pairs are traditionally priced to four decimal places – a pip is one unit of the fourth decimal point, or 1/100 of a cent. The exception in this case is the Japanese yen, in which a pip is one unit of the second decimal point. Pips adhere to a rate of change that may be related to a value change in a position of specific currency rates. Forex is traded In forex markets, a pip is a percentage in point or price interest point (pip), reflecting a unit of change in an exchange rate. Major currency pairs are traditionally priced to four decimal places – a pip is one unit of the fourth decimal point, or 1/100 of a cent. The exception in this case is the Japanese yen, in which a pip is one unit of the second decimal point. Pips adhere to a rate of change that may be related to a value change in a position of specific currency rates. Forex is traded Read this Term below the prior low but different screens have it higher. So we may not have hit stops yet.

Update: Now it's truly broken with a low at 0.9934 and a wave of stops.