Euro struggles after Fed statement; Spanish data weighs

The euro fell against the dollar on Thursday, weighed by the soft economic data from Spain and U.S. Federal Reserve (Fed)`s decision to end its quantitative easing program yesterday.

The Spanish economy showed weak pace of growth in the third quarter, as Gross Domestic Product (GDP) rose by 0.5% during the third quarter of this year compared to a rise of 0.6% during the second quarter.

Year-on-year, Spanish growth has accelerated to 1.6% compared to the previous reading of 1.3%.

The euro continues to be pressured by the dollar, which recovered after the Fed’s decision to end its stimulus plans supporting the U.S. economy.

Dollar pressures are likely to keep the euro in a bearish trend ahead of euro zone confidence data for October, unless the readings turn to be positive enough to support the single currency once again.

The U.S. Dollar Index (USDIX) gained 0.35% to trade around 86.35 levels at 08:35 GMT.