Thursday saw the 17-nation shared currency fall to its lowest value since the middle of 2010 against the world's reserve currency, according to The Wall Street Journal.
After the central bank of Japan opted against continuing its program of asset purchases, the pacific Rim nation's monetary unit gained. But the central bank of Korea cut interest rates and Australia saw economic data about jobs drop in June. The U.S. Federal Reserve is unlikely to deploy a third round of monetary easing anytime soon, according to minutes from the body's June meeting that were released on Wednesday.
"Every single central bank except for the Fed is easing, and until that happens we expect the dollar to stay supported," G-10 currency strategist George Saravelos with Deutsche Bank told Reuters. "The euro is likely to weaken further as it will be hurt by the ECB's decision to cut the deposit rate and there will be a shift in funding."
The Dollar Index, a measure of the greenback's competitiveness against six counterpart currencies, pushed to its highest value in 24 months.
Despite the euro's poor performance, May saw an unexpected increase in industrial production in the euro zone, according to The Wall Street Journal.
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