The euro is down near its six-week low

The euro is down near its six-week low

The euro resumed its losses against many of the world's currencies during Friday's session in the European session. It also fell against the US dollar to trade near a one-and-a-half month low. The single currency headed towards the second consecutive weekly decline as the US dollar continued to strengthen against most currencies

 As well as growing fears that the European Union's reaction to the Italian government's change in its budget deficit plans is unclear.

At 0615 GMT, the euro was down against the US dollar, losing 0.1%, trading at $ 1.1501 from today's opening at $ 1.1513. The pair hit a high of $ 1.1519 and a low of $ 1.1497.

On Thursday, the euro rose against the US dollar by 0.3 percent in its first day gain in seven days, hitting a one-and-a-half month low of $ 1.1463.

Since the beginning of the week so far, the single currency against the US dollar lost about 0.9% on its way to record its second consecutive weekly loss, as the US dollar strengthened by the rise in US Treasury yields to a seven-year high and strong economic data.

On the other hand, negative pressure on the euro has increased due to growing fears of the EU reaction to a new Italian proposal to reduce the budget deficit to 2% over the next three years commensurate with the EU financial regulations. Has identified its budget deficit of 2.4% of GDP over the next three years to be higher than the European Union's financial controls.

The US dollar is slightly higher ahead of non-farm employment data

The US dollar rose narrowly against most major currencies on Friday, remaining close to a one-and-a-half month high.

The rise followed a sharp rise in US bond yields to seven-year highs, as well as strong US economic data, which showed a higher-than-expected rise in private sector jobs in September and a widening service sector for the same month at the highest pace since 2008, The strong data supported expectations that the Federal Reserve will raise interest rates for the fourth time in a row at the bank's meeting in December.

The US Labor Department is expected to release non-farm employment data in September, which is likely to have a significant impact on the US dollar's exchange rate against most of the world's currencies.

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