Monday saw the value of the common currency of the European Union fall after a report showed May unemployment in the 17-nation bloc achieved the dubious distinction of record highs, according to Bloomberg.
The euro, immediately following its achievement of climbing the most against the Japanese yen in at least 15 months, also dropped against 15 other counterpart currencies. On Thursday the central bank of Europe will address its benchmark interest rate and economists polled by Bloomberg indicated the interest rate is driving toward a reduction of 0.25 percentage points.
"We can’t buy the euro yet," senior managing director Marito Ueda with currency-margin company FX Prime in Tokyo told Bloomberg. "The outlook for Europe's economy is still bleak, and it still remains to be seen what economic measures will be undertaken there."
In May, unemployment climbed to 11.1 percent in the 17-nation bloc, the statistics office of the European Union stated. April's unemployment rate was 11 percent.
The Netherlands and Finland are unlikely to support the permanent bailout fund's acquisition of government bonds, according to Reuters. That also dragged down the euro.
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