Investor sentiment in the eurozone declined to a level not seen in six years, piling more pressure on the European Central Bank to get the economy out of the woods.
Eurozone's Sintex economic index fell to -16.8 in October, the weakest level since April 2013, reflecting investors lack of confidence in the ability of central bank to stimulate the 19-economy region.
Latest economic indicators have signaled a slowdown in business activities in September, underpinned by sharp contraction in Germany’s manufacturing sector.
ECB policymakers have called on Eurozone governments to intervene in financial support, arguing that monetary stimulus alone cannot provide the necessary support.
Later in the week, eyes will focus on the minutes of the September’s policy meeting, which will probably provide an in-depth look at the economic conditions that have affected the latest ECB decision.
As of 12:08 GMT, the erased all its earlier losses to trade higher at
$1.0994, very close to last week’s top recorded at $1.0999.