<div id="readability-page-1">Currency under pressure: The euro weakened to $1.163 as investors weighed EU economic downgrades and persistent high oil prices from Middle East unrest. Energy market moves: The U.S. issued a temporary license for Russian oil shipments to stabilize markets hit by the Strait of Hormuz closure. Stagflation risks rise: EU officials warn of a stagflationary shock, with inflation up and growth down, raising concerns over prolonged economic strain.</div>

CRAK

<p>The euro fell to $1.163 as the EU downgraded its growth forecast amid high oil prices due to Middle East unrest. The U.S. issued a temporary license for Russian oil shipments to stabilize markets affected by the Strait of Hormuz closure. EU officials warned of rising stagflation risks, with inflation increasing and growth declining, raising concerns about prolonged economic strain.</p>

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Euro falls as EU cuts growth forecast amid oil shock