The euro has continued its decline against the dollar after German retail sales unexpectedly declined for a third month in November, raising concerns about growth in the euro zone.
The euro closed at $0.9420 in late European trade from $0.9484 on Friday and at 63.68p against sterling from 64.24p on Friday.
Mr Tony Norfield head of global foreign exchange at ABN Amro pointed out that the US holiday yesterday meant there was little activity in the markets. However, he warned that if the euro fell below $0.9360 it could head to $0.9250 in the short term.
French Finance Minister Mr Laurent Fabius said the European single currency was in a position to account for an increasing portion of international official reserves. On Sunday, Mr Fabius said he expected the euro to recover to parity with the dollar within weeks.
