The euro-dollar pair drops to its lowest level in two years amid recession fears.

The euro deepened its losses against the US dollar during trading on Friday, with the EUR/USD pair trading at its lowest levels in two years, bringing the European Union's single currency close to reaching parity with its American counterpart. In terms of trading, the EUR/USD pair fell by about 0.52% to $1.0349, marking the lowest level for the pair since December 1, 2022, after data released by S&P Global this morning showed a contraction in the private sector in the eurozone during November to its lowest level in ten months, warning that the manufacturing sector in the region may slip into recession. At the same time, Germany's services sector recorded a contraction for the first time since February, and economic growth in Germany expanded moderately during the third quarter, failing to meet analysts' expectations and raising concerns about the largest economy in the region.