Frankfurt/Zurich When the euro was as cheap as it is now, George W. Bush was the US President, union parties campaigned with CSU politician Edmund Stoiber in the federal election campaign, and the German national football team lost the World Cup final in Yokohama, South Korea against Brazil. On Tuesday morning, the common currency fell to its lowest level in 20 years and was quoted at just 0.9909 euros per US dollar. The euro also fell to a record low against the Swiss franc.

Analysts expect the euro to remain below the crucial $1 mark for an extended period of time and predict further losses. In July, the euro fell below par for the first time since 2002 due to an impending recession in the euro area and a rising interest rate differential with the United States.