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The euro weakened against its lower-yielding counterparts as a drop in global stocks reduced risk appeal. With the drop, the euro gave back yesterday's gains against both the dollar and yen.
Eurozone annual inflation stayed negative for a fifth consecutive month in October, but the pace of decline in consumer prices slowed, preliminary data released by the Eurostat showed Friday. Separately, the statistical agency said the jobless rate rose to its highest level in more than a decade.
Meanwhile, separate data showed the Eurozone unemployment rate rose to the highest rate since January 1999.
The euro fell to 1.4720 against the dollar, giving back its gains from the previous session. Yesterday, the European currency reached 1.4858, approaching a 14-month high.
According to a report released by the Institute for Supply Management - Chicago, the index of activity in the manufacturing sector rose to 54.2 in October from 46.1 in September, with a reading above 50 indicating growth in the sector. Economists had been expecting the index to increase to a reading of 49.0.
A Reuters and the University of Michigan report showed that the consumer sentiment index was revised up to 70.6 from the preliminary October reading of 69.4, although it remained below 73.5 in September. Economists had been expecting the index to be revised up to a reading of 70.0.
The euro was range-bound against the British pound, moving near 0.8950. The pair has been stuck in the mid for the last few days.
In the UK, the annual house price inflation turned positive in October for first time since March 2008, with an increase of 2% following zero growth in September. Economists had expected a 1.8% increase. Average asking price for a typical UK property stood at GBP 162,038 in the month, up from GBP 161,816 in the previous month.
The euro turned lower against the yen and tested a two-week low. The European currency fell to 132.96, compared to the low crossing of 132.79 earlier this week.
In economic news, Eurozone seasonally adjusted jobless rate stood at 9.7% in September, up from 9.6% in August, the Eurostat said on Friday. The jobless rate came in line with economists' expectations. A year ago, the jobless rate was 7.7%.
The Eurozone consumer price index dropped 0.1% year-on-year in October after falling 0.3% in September, in line with economists' expectations and extending the fall that started in June. The statistical agency is slated to release final report on November 16.
According to a report released by the Federal Statistical Office on Friday, retail turnover in real terms decreased by an unexpected 0.5% in September from the previous month, compared to a 1.8% fall in August. Consensus forecast was for an increase of 1%. The initial estimate for August was a 1.5% decrease.
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