The European Single Currency, Euro, on Thursday, February 8, had earlier traded higher against the greenback EUR= as Asian share prices stabilized, but it slipped back as European stock markets opened lower again, having staged a modest recovery on Wednesday.
By 0830 GMT the euro was down 0.3 percent at a two-week low of $1.22355. The single currency has lost more than 3 cents since hitting a three-year high of $1.2538 just 10 days ago.
“The market is in consolidation mode,” said Commerzbank currency strategist Esther Reichelt, in Frankfurt.
“The dollar performed relatively well during the stock market turmoil, and this experience determined the market sentiment going forward.”
Reichelt added that the euro had looked likely to fall, after climbing for seven consecutive weeks despite an increasingly divergent monetary policy between the United States and Europe, where the European Central Bank is still in the midst of an expansive asset-purchase program.
