US Dollar Overtakes Euro – August 2022 Overview | SuperForex

In August, the #dollar surpassed the euro for the first time in 20 years since the creation of a single European currency. By the end of August, 1 #euro will equal approximately 1 dollar due to numerous statements concerning the increase in discount rates by US officials. We saw a wave of optimism in the market: the US and European stock markets rose by up to 14% compared to the previous month and have been at their highest level in 2 months. The numerous legal battles, scandals, and squabbles for markets have begun to encumber the progress of technology companies. Elon Musk has filed a lawsuit against Twitter, Moderna Pharmaceuticals is suing Pfizer over access to the covid vaccine, and customers are pursuing 3M for faulty goods. Cotton prices increased by 22.7% as a result of the devastating effects of Pakistan's floods, which wiped out up to 100% of the country's cotton crop, making it sixth among cotton producers in the world. In addition, coffee production in Latin America is also threatened: coffee and related goods prices rise in August. Tesla is also conducting another share split. Instead of $900, one share is now worth just $285.