The euro fell 1% against the dollar to its lowest point in over a month. Barclays economists estimate that every sustained $10 per barrel rise in crude prices will negatively impact global growth, potentially reducing global GDP by 0.2 percentage points. However, this could be a significant blow for the U.S. and other emerging economies. If dollar-denominated energy prices rise and stay high, pushing the exchange rate up with them, could exacerbate the energy shock for overseas economies and drive the dollar even higher.