Friday saw the common currency of the European Union dive to its 14-day trough against the monetary unit of Japan after the largest economy of the region released underwhelming economic data, according to Reuters.
Debt-hobbled Cyprus is charged with raising 5.8 billion euros by Monday for a 10 million euro emergency bailout to be released. The nation's foreign minister returned from an unsuccessful trip to Russia, which also is escalating concerns amid nebulous circumstances as the region struggles to bounce back from the sovereign debt crisis.
"Although Russia refusing a loan is not big news, the market is extremely nervy at the moment due to the lack of clarity around the Cyprus situation," senior currency strategist Masashi Murata with Brown Brothers Harriman in Tokyo told Reuters on Friday.
The Ifo survey, a metric that measures business morale in Germany, slipped, which also drew down the euro on Friday.
A German lawmaker told Bloomberg that chancellor Angela Merkel privately told lawmakers in Berlin of her disappointment with and consternation for the slow pace of dealing with debt troubles in Cyprus. The nation's voice on matters economic and financial is loud due to its hosting the region's largest economy.
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