The common currency of the European Union lost value on Thursday against the world's reserve currency, amid conjecture that the European Central Bank will cut interest rates as part of an effort to aid a recovery hindered by underwhelming labor market data, Bloomberg reports.
The euro marked its steepest dive in almost two months against the U.S. dollar and fell against 13 of its 16 major rivals, after economic data noted the jobless rate pushed to 12.2 percent in September. The inflation rate of the region dropped, which was not expected yet spurred speculation about the ECB intervening to help with the economic recovery.
CNBC reports Eurostat, the region's statistics agency, released data indicating the number of jobless people rose by 60,000 last month to amount to 19.4 million. The data is especially of note considering the unemployment rate during the same period last year was 11.6 percent. The metric rose to 12.1 percent this past July.
The euro's losses of about 0.6 percent against the greenback during the Thursday trade session mark the biggest losses since early September.
The labor market has not benefited from the regional recovery after the damaging tendencies of the sovereign debt crisis, according to CNBC.
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