For the first time in 20 years, the US dollar and the euro have reached parity, meaning the two currencies are currently worth the exact same.
The decrease in value has been stoked by Russia’s invasion of Ukraine as Europe attempts to lessen its dependence on Russian oil.
Gas prices have surged across Europe recently, leaving consumers with sky-high energy bills and forcing some parts of Germany to ration hot water and restrict energy usage for streetlights.
The US dollar has surpassed expectations as the Federal Reserve hikes interest rates to tackle soaring inflation.
The rate hikes come amid growing inflation and a fear of recession, as the consumer price index raised almost 9% from a year earlier, making it the largest single-year jump since 1981.
Costs for the average American have grown rapidly, with groceries becoming approximately 15% more expensive than the same time last year and gas prices still inflated.