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Crippled by the debt problems and sluggish economic growth in the Eurozone, the euro finished another dismal week on the ropes Friday, hitting a new 9-month low against the dollar.
The eurozone continued to lag behind the global economic recovery in the fourth quarter of 2009, with three of four major EU economies issuing disappointing growth figures.
Gross domestic product across the eurozone grew by only 0.1% in the fourth quarter compared to the previous three-month period.
The German economy, Europe's largest, unexpectedly stagnated in the fourth quarter as final consumption expenditure and investment failed to support growth.
Better-than-forecast French growth figures may have prevented the eurozone economy from sliding back into contraction mode.
Greece saw its output shrink by 0.8% in the fourth quarter, casting doubts about the Greek public's willingness to accept cost cutting measures aimed at getting the nation's debt under control.
The euro tumbled to $1.3531, its lowest level since last May. However, the euro recovered some its early losses to fetch 1.3650 by mid-day in New York. The euro has been moving steadily lower against the dollar since hitting a 15-month peak above $1.5100 late in November.
Meanwhile, the euro fell sharply versus the yen to test an 11-month low, but found its footing amid speculation its decline was overdone. The euro slipped to 121.37 before bouncing back to 122.60.
In economic news from the US, a report from the Commerce Department on Friday showed that retail sales increased by 0.5 percent in January following a revised 0.1 percent decrease in December.
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