Euro stung by weak data, gives USD a bit of reprieve

The euro nursed losses on Friday, having suffered its biggest one-day fall in over a month after a batch of surveys showed euro zone business activity remained weak despite the European Central Bank’s recent bold efforts to tackle the debt crisis.

The single currency stood at $1.2972, having fallen over 0.6 percent on Thursday to a one-week trough around $1.2920. It has shed about 2 percent since scaling a four-month peak of $1.3173 on Monday. Immediate support is seen near $1.2905, the 23.6 percent retracement of its July-Sept rally.

The euro also lost ground against the Australian dollar, sliding to a one-week low of A$1.2405.

via Reuters

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