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According to Reuters, investors have been turning their backs on the single currency in forex trading and the stock market in favour of safe haven assets amid fears of further economic turmoil.
Several countries, including Japan and Germany, have officially declared that they are in a recession after suffering two consecutive quarters of negative growth, which has affected confidence in the global markets.
US and Asian stocks also fell after job losses at Citigroup and fear of a downturn in the vehicle production sector.
David Bloom, global head of forex research at HSBC in London, said: "We've been running a long marathon. It feels like some fatigue has set into the market and we may finally see some consolidation."
As of 15:55 GMT, the euro stood at 1.2681 against the dollar and 122.8 against the yen.
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