Thursday saw the common currency of the European Union sink to eight-week lows as a consequence of a published report stating the European Central Bank might hold off on the acquisition of regional bonds, according to Bloomberg.
The report in Market News International noted the central bank views reductions to borrowing costs as an uplifting development.
Also impacting the performance of the monetary unit, which lost value against 14 of 16 counterpart currencies, were remarks by ECB President Mario Draghi, who noted Germany is beginning to show signs of pressure from the sovereign debt crisis. The nation holding the region's largest economy saw exports slip in September, a report notes.
"Draghi's comments may have encouraged speculation that the ECB may present a more dovish stance at today's meeting and open the door for further monetary easing, which would likely weigh upon the euro," currency strategist Lee Hardman with the Bank of Tokyo-Mitsubishi UFJ in London told Bloomberg on Thursday.
But the euro's poor performance was curbed by Greek legislators passing austerity measures on Wednesday as part of an effort to acquire international bailout aid, according to Reuters.
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