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For the first time in almost two decades, one U.S. dollar is equal to one euro. After nearly 20 years of the euro being superior to the dollar, both currencies reached parity on Tuesday, July 12.

As at Tuesday, 1 EUR equals 1 USD. The shift means European companies and consumers will pay more for the goods and services they import, while European exports become immediately cheaper in international markets.

The euro has experienced a dramatic loss of value since early February when it was worth over $1.13.