Monday saw the common currency of the European Union slip against the world's reserve currency for the first day in four trading sessions, Bloomberg reports.
A coalition in two-time bailout recipient Greece could not achieve a pact about 11.5 billion euros-worth of austerity measures, prompting concern about the region's ability to rein in the sovereign debt crisis. The monetary unit fell against other rivals as well.
"Traders are shaving their positions at the start of a week where we have quite a number of hurdles," chief strategist Michael Derks with FxPro Group told the news source. "There's a lot for the market to absorb and traders, having seen the euro climb quite rapidly over the past few trading sessions, are just being a little careful."
This week is likely to see a court in Germany, host of the euro zone's largest economy, issue its ruling about whether Germany's involvement in the permanent bailout fund is constitutional.
Reuters reports speculation about the central bank of the U.S. preparing to implement stimulus measures prevented steeper losses by the 17-nation monetary to the U.S. dollar. That speculation was prompted by the U.S. Department of Labor issuing a disappointing jobs report on Friday.
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