In response to fears that the energy crisis will throw Europe into recession and restrict ECB's ability to tighten monetary policy, the Euro dropped as low as $1.01 for the first time in over 20 years. On July 11, Nord Stream 1, the key gas pipeline, began annual maintenance. Flows are expected to stop for 10 days, but concerns linger that supply might not recover fully. This month, the European Central Bank is expected to raise key rates by 25 basis points, the first increase in more than a decade, while the Federal Reserve is expected to raise rates by 75 basis points after a cumulative 150 basis point increase since March.