The euro sinks below parity against the dollar as Gazprom pipeline shutdown stokes recession worries

– The euro fell below the US dollar's value on Monday for the second time this year.

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– Gazprom's pending maintenance shutdown of the Nord Stream 1 gas pipeline into Europe pressured the euro.

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– The dollar rose ahead of the Federal Reserve's Jackson Hole symposium this week.

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The euro fell below the value of the US dollar on Monday, slipping below parity on fears over a gas shortage worsening in Europe.

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The euro fell 0.7% to $0.9968, marking the second time in a month and this year the shared currency has traded below $1 against the greenback

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Benchmark European natural gas prices soared Monday and Gazprom's move stirred speculation about a prolonged closure of the key pipeline.

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"The energy shock seems sure [it will] drive Europe into a recession,"

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