The shared currency of the European Union slipped against the U.S. dollar on Wednesday as the largest economy in the 17-nation bloc is set to release data noting business confidence is waning, according to Bloomberg.
Published by the Ifo Institute in Germany, the business climate index is forecast to plunge to 106.2 in April after having checked in at 106.7 during the month prior, according to the median estimate of Bloomberg economists. The latest of poor regional economic data augments the likelihood of the European Central Bank intervening.
"The euro is susceptible to downward pressure," foreign-exchange and money trading head Masato Yanagiya with Sumitomo Mitsui Banking Corp. in New York told the news source on Wednesday. "As economic data from Europe are very bad, expectations of a rate cut by the ECB are rising gradually."
The central bank of Germany this week noted its economic recovery is likely to be delayed by some time.
Reuters reports an air of optimism is among Italy, the euro bloc's third-largest economy, as the nation toils toward sifting through political tumult that has plagued the nation since its election.
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