Tuesday saw the common currency of the European Union dip to its lowest value in two weeks against the world's reserve currency as economic data noted the beleaguered region this month is enduring the contraction of manufacturing and services, representing the 15th-straight month of shrinking, Bloomberg reports.
The European Central Bank is forecast to cut interest rates when its policy makers meet again as a method of encouraging development and growth. The euro performed poorly against 12 of its top 16 counterpart currencies.
"Weak German PMI data is hurting the euro and intensifying expectations of a rate cut from the ECB," currency strategist Niels Christensen with Nordea in Copenhagen told Reuters on Tuesday.
Losses for the euro against the monetary unit of Japan climbed as high as 1.3 percent, which followed Monday losses that amounted to a 0.2 percent drop.
Reuters reports the euro also suffered as a consequence of Germany, the strongest and largest economy of the euro zone, releasing economic data noting its private sector this month is growing smaller for the first time since late autumn 2012.
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