The EUR dropped against all the major currencies on Thursday. The EUR slid to close lower by 150 pips against the EUR/USD, as the pair dropped to the 1.4501 level. The EUR also saw falling trends against the Yen and the Pound.
The EUR's weakness yesterday came as a result of some negative data that was published from the Euro-Zone. The German Retail Sales fell by 1.5% in August as opposed to July. It seems that the fear of rising unemployment in Germany kept consumer spending in check, even as the economy showed signs of recovery. Adding to yesterday's dismal data, the Euro-Zone Unemployment Rate rose to 9.6% in August, hitting a 10-Year high. The poor data has contributed to speculations that the Euro-Zone is still far from reaching economic recovery. As a result, the Dollar gained and the EUR weakened.
As for today, the most significant news event expected from the Euro-Zone is the European Producer Price Index (PPI). The PPI measures the change in the price of finished goods and services sold by producers. Despite being expected to have a large impact on the market, traders are also advised to focus their attention on the U.S employment figures, as they are expected to set the tone for today's trading.