The euro dropped the most in two months against the dollar as services and manufacturing in the region shrank to a three-year low, adding to evidence the central bank will need to do more to spur growth.
Canada’s dollar rallied to its strongest level in a week against its U.S counterpart, tracking gains in global equities and commodities, amid speculation slowing growth in China will spur more monetary stimulus.
The euro dropped versus most of its major counterparts, reaching the lowest level in more than three weeks against the dollar, as European finance ministers ruled out immediate steps to tackle the region’s debt crisis.
The dollar slumped to a 15-year low against the yen after a private report showed U.S. companies unexpectedly cut jobs last month, fueling speculation the Federal Reserve will buy U.S. assets to spur a slowing economy.
The euro gained for a fifth day against the dollar, the longest streak in three months, after European Union Economic and Monetary Affairs Commissioner Olli Rehn said Greece was “close” to reaching agreement with its creditors.