Euro Declines Toward Eight-Week Low Before Retail Sales Report

The euro fell toward an eight-week low against the dollar before a report that may show retail sales slid for a seventh month, supporting the case for the European Central Bank to cut interest rates.

“While the ECB is widely expected to stand pat on interest rates this week, speculation about further rate cuts will persist, which will pose strenuous downside risk on the single currency,” said Osamu Takashima, chief analyst for global market sales and trading in Tokyo at Bank of Tokyo-Mitsubishi UFJ Ltd., a unit of Japan’s largest publicly listed lender.

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