Euro breaks through parity amid concern for U.S. inflation and eurozone energy crisis

The euro traded below $1 for the first time in 20 years, reflecting both surging U.S. inflation that’s raising expectations for Federal Reserve rate hikes as well as the energy crisis in the eurozone. The latest move comes after the second straight day of U.S. inflation readings coming in ahead of expectations, as well as a political crisis in Italy that sent the 10-year Italian bond yield surging. The euro traded at $0.9974 from $1.0060 on Wednesday.

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