The common currency of the European Union lost value against the world's reserve currency on Thursday, marking the third-straight session of losses, Bloomberg reports.
A survey of economists by the European Central Bank demonstrated predictions that the euro zone is poised to contract more than originally forecast, noting growth for this year will fall to 0.6 percent after originally have notched 1 percent.
"It's hard to see any upside for the euro at the moment," economist Janu Chan with St. George Bank of Sydney told Bloomberg. "Economic data has been quite soft. There's still a bit of uncertainty about what the ECB can do and will do in addressing the crisis."
Also tugging down the euro on Thursday is pessimism for the capacities of policy makers to control the sovereign debt crisis, according to Reuters. The 17-nation currency also performed poorly against Scandinavian nations' monetary units.
Tackling high borrowing costs in Spain and Italy is one part of why the European Central Bank will resume purchasing bonds. But the ECB's monthly bulletin indicated numerous downside risks are in play for th economic outlook of the region.
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