The euro crumbled to a new 12-year low overnight

The euro is up 0.44% this morning, as of 09:07 GMT (05:07 ET), flirting with $US1.06 — but overnight it sank to a fresh 12-year low, under $US1.05. That’s the first time it’s been below that level since January 2003, 12 years and two months ago.

The weakest spot came just before 4 a.m. GMT (midnight ET). Here’s how it looked:

Since the financial crisis, weakness in the euro has often been a sign of growing fears that the currency union would break up, particularly when Greek tensions ran particularly high. However, it’s now paired with a positive economic momentum in the eurozone, and the fall should contribute to growth by boosting the bloc’s exports.

To get an impression of the scale of the fall, here’s the long-term graph of the euro against the dollar.

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