The common currency of the European Union lost value for a fifth day on Friday after economic data indicated the euro zone continues suffering from economic vulnerability, Bloomberg reports.
Anticipations are running high that the European Central Bank (ECB) and President Mario Draghi are driving toward cutting interest rates, which could be next week. The 17-nation currency was slipping toward its biggest weekly loss since February after data showed the unemployment rate advanced to its highest ever and inflation slowed.
"It is clear that there has been a major sentiment change on the euro," FX strategy head John Hardy with Saxo bank in Copenhagen told Reuters on Friday. "The ECB's single mandate has always been on inflation so this gives Draghi and co. further reason to do something at next week's meeting. We see considerable further downside. The likes of euro/dollar back into the old range, down towards $1.30."
The common currency's losses on Friday were roughly 0.4 percent against the world's reserve currency. Its weekly losses amounted to roughly 2 percent.
The euro fell to its 14-day trough after the data showed regional inflation has slowed, according to Reuters.
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