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The euro dropped sharply against the dollar following the release of positive economic reports from the U.S. The common currency also saw weakness versus the pound.
European Central Bank President Jean-Claude Trichet reiterated that the central bank will unwind enhanced credit support in a timely and orderly fashion.
The euro fell to a 16-day low against the British pound of 0.8979. The drop took the 16-member currency below a near-term support level.
The Office for National Statistics said UK's output prices rose by an annual 2.9% in November, following October's revised 1.9% rise. The annual growth rate matched economists' expectations. The index rose 0.2% between October and November, mainly reflecting price rises in petroleum products. Economists were expecting output prices to climb 0.3%.
The euro fell as low as 1.4585 against the U.S. dollar. The drop too the European currency below a trading range that had spanned much of the week.
A U.S. Commerce Department report showed that retail sales jumped by 1.3 percent in November following a revised 1.1 percent increase in October. Economists had been expecting sales to increase by a more modest 0.6 percent compared to the 1.4 percent growth originally reported for the previous month.
The euro and yen were little changed amid choppy trading, moving near the 130.51 mark.
Meanwhile, the European Union urged the International Monetary Fund to introduce a unique tax on global financial transactions to reduce the risk of another economic crisis, reports said. The call comes in a draft statement expected to be approved later, in which EU leaders stressed the need for sound and effective financial sector pay.
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