Euro drops due to global economy concerns

Euro fell against most major currencies as it extended its losses following economic data showing a decline in industrial activity in the European Union, raising concerns about the global economy slowdown.

Eurozone manufacturing PMI data showed a decline in the fastest monthly pace on six years in last February.

The IHS Markit index of purchasing managers' (PMI) in Germany also fell at the biggest monthly pace in seven years, taking into account that the German economy have been always supporting the eurozone economy.

This coincided with the continued impact of the US Federal Reserve statements, as they kept the interest rate unchanged as a result of slower economic growth this year.

The US central bank trimmed its growth forecast for 2019 to 2.1% from its previous forecast of 2.3% growth.

In terms of trading, by 16:45, Euro fell against the US dollar by 0.8% to 1.1288, with its highest price today at 1.1392 and the lowest price at 1.1274.