(Bloomberg) -- Europe’s common currency fell again Monday, edging closer toward parity with the US dollar as energy concerns and the risk of recession weigh on the outlook for the euro area, while risk aversion fueled a broad rally in the greenback.

The euro dropped as much as 1.3% to $1.0057, eclipsing its low from last week. The last time it was this low was back in 2002. The Bloomberg dollar index jumped as much as 0.9%

The currency’s downward spiral has been swift and brutal, given it was trading around $1.15 in February. A string of increasingly-large Federal Reserve interest-rate hikes has supercharged the dollar, while Russia’s invasion of Ukraine has worsened the outlook for growth in the euro zone and pushed up the cost of its energy imports.

Other currencies fell even more against the greenback Monday, with the Australian dollar leading decelines among Group-of-10 counterparts, followed by peers from Norway and New Zealand.

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