The euro fell 0.9 percent against the dollar to $1.0325, the weakest since December 2002. Against the Swiss franc, it fell 0.7 percent to 0.9941 francs, the lowest since 2015 . “It will continue to be very difficult for the euro to rally in any meaningful way as the energy picture worsens and risks to economic growth increase significantly,” said Derek Halpeny, an analyst at MUFG. Survey data showed business growth across the euro zone slowed further last month and forward-looking indicators suggest the region could contract this quarter as the cost-of-living crisis keeps consumers wary. The dollar index gained 0.8% to 105.98, a new two-decade high for the currency. Tuesday offers little major economic data, but later this week both the Federal Reserve and the European Central Bank release their minutes from recent policy meetings, and Friday sees the release of US payrolls. Eurozone government bond yields fell on uncertainty over the future path of monetary tightening by the European Central Bank and as investors fearing the economic outlook sought safety. In the UK, Boris Johnson has instructed ministers to hold regular press conferences on efforts to tackle the rising cost of living. Regular ministerial press conferences have been a feature of the pandemic and the decision to resume them is a sign that No 10 is concerned about public mood in the face of a squeeze on living standards. Downing Street said the decision to hold televised updates in the same way as during the Covid-19 crisis showed rising prices were “being treated with the same level of seriousness in trying to tackle the problem”. READ MORE: The Russian ship carrying Ukrainian grain was stopped by Turkey Mr Johnson used Tuesday’s cabinet meeting to tell ministers “tackling inflation and tackling cost of living pressures will remain the top priority, so we will be holding regular government press conferences over the next six months to explain the details of the various items. the government’s plan for the economy,” Downing Street said. Asked if it was a sign that the crisis was as serious as the Covid-19 pandemic, the Prime Minister’s official spokesman said: “It can be dangerous to make an equivalence, given that we are talking about people who have lost their lives, unfortunately. “It’s right that this is something that takes a significant toll on people up and down the country, and indeed globally.” At Tuesday’s cabinet meeting, Mr Johnson highlighted the rise in national insurance caps coming into force on Wednesday, which will be worth around £330 for an average worker, with 30 million people benefiting to some extent. DON’T MISS:Russians flee Melitopolis after shelling by Zelensky’s men [INSIGHT]Police identify Bobby Crimo as a “person of interest” in the July 4 attack [ANALYSIS]“Last thing we want to see!” Police urged a zero-tolerance approach [VIDEO] He promised to “help people in today’s difficult times”. But writing for The Telegraph, deputy editor Ben Wright stressed: “The problem is that Germany is the only major eurozone country to run a consistent current account surplus. “The longer it continues to run deficits, the greater the pressure on the currency, which is already approaching parity with the dollar. “The UK and German economies may not be doing well. “But Britain’s malaise seems easier to cure. What’s more, the eurozone’s common currency means Germany’s disease can be contagious.”
