The euro is rising sharply against the U.S. dollar, briefly trading above 1.20 since midnight on Tuesday to reach its strongest level since June 2021.
The euro opened at 1.2039 against the U.S. dollar on Wednesday morning, according to real-time global foreign exchange market quotations.
The rally built on earlier gains in the European session, when the euro was set at 1.1929 U.S. dollars on Tuesday in the European Central Bank (ECB)'s reference rate, its highest fixing in more than four and a half years.
The euro strengthened further late Tuesday after the U.S. dollar slid to a near four-year low, following remarks by U.S. President Donald Trump that played down concerns about the currency's recent decline.
Trump said on Tuesday that the dollar's value was "great" when asked whether it had fallen too much, comments that traders interpreted as a signal to step up dollar selling, boosting the euro in turn.
The euro's appreciation has coincided with broader dollar weakness. The U.S. dollar index, which measures the currency's value against a basket of other currencies, slid further in early 2026 as traders sold the greenback amid concerns over U.S. economic policy, interest rate expectations and trade policy uncertainty.
Euro climbs above 1.20 against USD, highest since June 2021
Euro climbs above 1.20 against USD, highest since June 2021
The prolonged closure of the Rafah crossing has left thousands of Palestinians in Gaza unable to travel abroad for medical treatment, education or family reunions, according to residents and health officials.
For many in Gaza, the crossing is more than a border point. After months of near-total isolation, it has become a crucial route for patients seeking care abroad, students hoping to continue their studies and families separated by the conflict.
Health officials say the extended closure has taken a heavy toll. More than 1,000 patients are reported to have died while waiting for permission to travel overseas for medical treatment.
"Our lives are tied to the crossing. If it opens, it gives us life. If it stays closed, we remain in a state of clinical death. I’ve been in the hospital for one hundred days," said Haitham Al-Qanoua, an injured Palestinian.
Hospitals say tens of thousands of patients remain on waiting lists, including children and cancer patients in urgent need of specialized care that is unavailable inside Gaza.
"More than 20,000 citizens have completed referral procedures for treatment abroad and are waiting to travel. Among them are 4,000 children and 4,000 cancer patients. There are also extremely critical cases that require immediate medical evacuation," said Zaher Al-Wahidi, director of the Health Information Center in Gaza.
The closure has also disrupted education plans, leaving many young Palestinians unable to pursue studies overseas.
"I've applied for Ministry of Education scholarships to study abroad in Turkey and Hungary, but I wasn't lucky to get them. Going abroad would help my parents save the money they spent on me in this awful condition. Opening the crossing is extremely important so people can travel, go on with their lives, and for me to complete my education," said Saeed Masoud, a Palestinian student.
For many families, the closure has meant prolonged separation, with relatives stranded on opposite sides of the border.
"I'm waiting for the crossing to open to see my children and my wife. She, with my children, left Gaza to accompany her father who needed medical treatment after he was injured in an Israeli airstrike on Deir al-Balah. I haven't seen my family for nearly two years, and I miss them deeply," said Ayman Abu Shanab, a displaced Palestinian.
With the Rafah crossing still closed, patients in need of treatment abroad, students seeking to continue their studies and families separated by the conflict remain unable to travel.
Rafah crossing closure strands patients, students, families in Gaza
