Euro plummets as traders await eurozone

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The euro declined Thursday, focusing on the gauge of eurozone business activity to be released later in the day. Against the US dollar, the euro eased 0.1% to $1.2637, from Thursday’s $1.2633. The market would turn its focus on the eurozone business sentiment PMI due today. Cues of the eurozone economy losing momentum had escalated global growth fears this month. "The euro will come under pressure if the PMI readings disappoint. But it will not benefit the dollar too much in turn, as U.S. yields still remain relatively low," said Junichi Ishikawa, Market Analyst at IG Securities. On Tuesday, the European Central Bank was considering obtaining corporate bonds on the secondary market and might decide on this matter before Christmas. Worries over the health of the European banking sector also weighed on the 18-nation currency following 11 eurozone banks failed stress tests administered by the ECB.

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