Euro loses parity with the dollar

The euro has reached its lowest value in 20 years. The last time it fell below the U.S. dollar was July 15, 2002. The barrier is largely psychological, but the crossing signifies the struggles of the European economy. High energy prices and fuel shortages have led to 8.9 percent inflation, driving up everything from grocery to housing prices.

How is the U.S. economy doing? Inflation remains at its highest level stateside in four decades as the Federal Reserve continues to raise interest rates. Consumer spending and employment remain strong. Investors are looking to the Fed’s annual symposium later this week in Jackson Hole, Wyo., for signs about the Fed’s plans to combat inflation going forward.

Dig deeper: Listen to the Monday Moneybeat report with David Bahnsen on The World and Everything in It podcast about last month’s job report and inflation.