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Tidbits, Euro, Energy & Fuel, Markets & Rain Days Update 8/5/23

Euro Currency


The European Union (EU) was formed in 1993. It is an organization of European countries to oversee their economic and political integration. Presently, the EU has 27 member countries. Ukraine has applied for EU membership, which is not likely to be approved until the war is over and Ukraine gets government and business corruption under control.

Eurozone refers to the 19 European Union countries that use the euro currency. The euro was launched in January 1999. It was worth 81¢ American in 2000; US $1.60 in 2008, US 94¢ at the end of September 2022. Presently, one euro is worth US $1.10.

The euro makes up 57.6% of the value of the Dollar Index.

 

Highlights


The Russian port at Novorossiysk is the largest port in the Black Sea basin. Its berthing line is the longest among all the ports of Russia. The port was closed temporarily Friday to marine traffic following a drone attack. It is a primary fertilizer and wheat loading facility.

A Russian cargo ship near Novorossiysk loaded with dynamite was also attacked by a drone as well as a Russian Ropucha-class landing ship was damaged. Russia will retaliate this weekend.

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