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In early trading, the euro was down 0.2 per cent against the dollar.
Lee Hardman, a currency economist at Bank of Tokyo-Mitsubishi, told Reuters: "The risks are still heavily to the downside for the euro."
Meanwhile, George Buckley, chief UK economist at Deutsche Bank, said he expected the Bank of England to implement measures to bring about quantitative easing by the time of its meeting in March.
Pressure remains on the euro after Moody's Investors Service suggested it may downgrade eurozone banks that have a significant amount of exposure to economics in eastern and central Europe.
Recently, the finance minsiter of Germany hypothetically said eurozone countries may be forced to help other member states out if they encounter financial problems.
