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On the first day of this week, the euro traded at 0.99 units to the dollar, its lowest level against the U.S. currency since december 2002.
Later, the European Union currency recovered some ground and returned to trade at 1.004 units per dollar, but analysts believe that parity will soon be reached and that the currency could fall further.
Fears of recession on the continent abound, stoked by high inflation and uncertain energy supply caused by Russia's invasion of Ukraine.
A series of aggressive interest rate hikes by central banks, including the Federal Reserve, coupled with slowing economic growth, will keep pressure on the euro and cause investors to look to the U.S. dollar as a safe haven, analysts say.
The euro today july 12 opens at US$128.00 for buying and US$135.00 for selling.
Meanwhile, the dollar is trading at US$126.75 for purchase and US$134.25 for sale.
Parity is the relationship of equality or similarity of two or more things to each other.