The euro sank below parity for the second time this year on Monday. Here’s what’s moving currency markets. Howdy Opening Bell crew. Phil Rosen here, reporting from Wall Street. Yesterday, for the second time this year, I watched the euro slip below the dollar. As compelled as I was to immediately book a flight to the continent, instead I decided to bring you all the details of what''s happening with the world''s two biggest currencies. And, as we''ve covered here before, the move can be traced back to Russia. Let''s get started. If this was forwarded to you, sign up here . Download Insider''s app here. 1. When Russia''s Gazprom unexpectedly announced the Nord Stream 1 pipeline will close for a three-day maintenance shutdown , confidence in Europe''s economy stumbled. The euro moved below the dollar on a 0.7% drop to hit $0.9968 on Monday — and continued falling Tuesday — reflecting the worsening energy crisis, heightened stakes, and steeper odds for a downturn, Insider''s Carla Mozeé writes . I caught up with Michael Reinking, NYSE''s senior market strategist, who said industrial companies are beginning to reduce production, and firms are paring back their hedging on natural gas futures as prices skyrocket while demand dwindles. "Essentially, industrial players are saying if [natural gas] prices don''t improve then they''ll start shutting down factories," he said.