Friday report on a Barclays note eyeing EUR/USD under 1.00. Not that's 1.00 is too far away!
"If Russia closes its gas taps (to Europe), we expect EURUSD to fall below parity,"
"Our economists estimate that a total loss of Russian supplies, combined with rationing of the remainder, could dent euro area GDP by more than 5 percentage points over one year".
The heightened concern over supply of Russian gas into Europe has been ongoing for weeks/months since Russia launched its invasion of Ukraine. As for euro, its been heavy all year with monetary policy divergence between a tightening Federal Reserve and a much more hesitant European Central Bank also a factor.