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The euro hit a new 20-year low, trading below $0.99

The euro is trading below $0.99 today amid uncertainty surrounding the European economy following Friday's announcement of a complete shutdown of the Nord Stream 1 gas pipeline by Gazprom, France Press reported.

As of 05:45 GMT (08:45 BST) this morning, the single European currency fell 0.71 percent to $0.9883, the lowest level since December 2002. The euro weakens against the dollar since the beginning of the year.

Russian giant Gazprom announced on Friday that the Nord Stream gas pipeline, which was supposed to be back online on Saturday after maintenance, will eventually be completely shut down for turbine repairs.

From a technical point of view, the shutdown is assessed as unjustified by turbine manufacturer Siemens Energy.

After approaching its historic record of 345 euros per megawatt hour on August 26, set in March at the start of the war in Ukraine, the price of European natural gas fell by more than a third last week, AFP recalls.

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