Edinburgh - The euro tumbled against its major counterparts, retreating from a seven-week high versus the dollar, after European Central Bank (ECB) policy maker Ewald Nowotny said the institution is “clearly missing” its inflation targets and suggested “additional” steps may be necessary to achieve growth.
Europe’s shared currency weakened against every major peer, including a dollar that’s been hobbled by investors pushing back wagers on an interest-rate increase by the Federal Reserve.
The euro slid the most in three weeks against the yen. A report on Friday will confirm consumer prices in the eurozone fell last month for the first time since March, according to economists surveyed by Bloomberg.
The euro fell 0.3% to $1.1440 as of 10:03, after climbing as high as $1.1495. It slipped 0.7% to 135.37 yen, set for its biggest drop since September 22.