The 17-nation euro depreciated on May 2, as the sentiment of traders engaged in fx risk management was impacted by news that the jobless rate rose in the euro zone and the manufacturing sector deteriorated.
The euro dropped to $1.3163, down from $1.3239 late in North American trading on the previous day, according to MarketWatch. The common currency also declined by 0.4 percent versus the British pound to reach 81.28 pence.
Data provided by Eurostat, which is the statistics office for the European Union, indicated that the 17-nation euro zone's jobless rate climbed to 10.9 percent in March from 10.8 percent in February. This figure was the highest since the common currency was introduced in 1999, the media outlet reports. In addition, the unemployment rate in Germany unexpectedly increased in April.
A survey of purchasing managers in the region indicated that manufacturing activity declined more than previously thought in recent months, according to the news source.
Corporate risk managers can use foreign exchange technology to gather the real-time data they need on currencies such as the euro.
