According to Bloomberg data consulted by Efe, the euro reached parity with the dollar at 10:46am in Lisbon, devaluing 0.4% compared to Monday's close and 12.05% since the beginning of this year, after ending 2021 at $1,137.

Experts believe that recent interest rate hikes by the U.S. Federal Reserve (Fed) have bolstered the dollar and encouraged investors to take refuge in the currency, as recession risk and Ukraine war-fuelled energy worries increasingly weigh heavily on the eurozone.

The yen also continues to depreciate against the dollar, with the dollar trading at 137 yen, a level not seen since September 1998.