The embattled monetary unit fell after an index of services and manufacturing in the euro zone fell to its lowest in about 36 months. The euro also dropped in value against the Japanese yen, which – like the dollar – advanced after economic data showed declines in Chinese manufacturing.
"At these levels, euro is a sell" due to the dubious state of economy of Europe, strategist Joseph Capurso with Commonwealth Bank of Australia in Sydney told Bloomberg. "The economy is going to get worse before it gets better in Europe."
While the euro marked a fourth straight session of losses to the Swiss franc, the monetary unit endured its sharpest drop against the world's reserve currency since July 20.
The 17-nation monetary unit dropped to its lowest value in seven days Thursday against the U.S. dollar amid flaring concerns about the recession delving deeper in the 17-nation bloc, according to Reuters.
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