The euro has struck parity against the dollar for the first time since 2002 as a cut in Russian gas supplies to Europe heightened fears of a possible recession in the eurozone.
The single currency, which has also weakened in recent months as a result of interest rate hikes outside the eurozone, sank to exactly one dollar before rising slightly.
Here are the defining market moments for the euro:
1998-99: launch at $1.17
On December 31, 1998, the indicative euro price is set at $1.17.
It swiftly crosses above $1.18 on January 4, 1999, the first trading day.
2000: sinks under parity
In January 2000, the euro sinks below parity against the dollar, which is boosted by a booming US economy.
In October 2000, the unit collapses to a record low of $0.8230.
2002: euro back above $1
The euro becomes physical legal tender on January 1, 2002.
The eurozone's improving economic outlook helps guide the unit back above $1.
2007-08: euro strikes record high
The global financial meltdown, rooted in the collapse of the US subprime property market, sends the greenback into freefall.
The euro spikes in July 2008 to a record high $1.6038. It has not gone higher.
2010: plunges back under $1.2
The euro plunges below $1.2 when the eurozone is rocked by a sovereign debt crisis that triggers bailouts of member countries Ireland, Greece and Portugal.
2015: euro below $1.05
The unit sinks under $1.05, in a slide linked to the European Central Bank's purchase of assets to support lending across a floundering eurozone economy.
2016-18: Brexit, Trump, Macron
Markets are rattled in 2016 by Britain's Brexit referendum vote and Donald Trump's election as US president.
The euro sinks to $1.0341 on January 2017, as investors seek haven in the dollar in the face of political turmoil.
The single currency recovers strongly to $1.2555 in February 2018 as the election of Emmanuel Macron as French president reassures traders over the future of the eurozone.
2021-22: Plunge back toward parity
The euro stages a prolonged slump against the dollar on growing recession concerns.
The US Federal Reserve implements aggressive rate hikes in its fight against inflation, in contrast to the ECB which plans more modest increases.
Central banks tighten policy to combat inflation, which has rocketed on energy and food prices exacerbated by the Ukraine war.
Dollar parity on gas crisis
On Tuesday, July 12, 2022, the euro strikes parity on fears that Russia could cut off gas supplies to Europe this winter and spark recession in the eurozone.
Russian energy giant Gazprom on Monday began 10 days of maintenance on its Nord Stream 1 pipeline, with Germany and other European nations watching anxiously to see if the gas comes back on following Moscow's invasion of Ukraine.