The euro weakened against the American dollar on Friday, plunging to its lowest level since December 2022 after data showed that the private sector in the euro area contracted to a ten-month low in November, warning that the region's manufacturing industry could be falling into a recession.
The services sector in Germany also weakened in the reported period for the first time since February. Germany's economic growth saw a moderate expansion during the third quarter, failing to meet analysts' expectations and further fueling concern about the stability of the region's largest economy.
The weakening of the euro against the dollar made gold denominated in the European currency more attractive to investors, pushing the price of the yellow metal to a record high.
The euro declined 0.40% compared to the dollar, changing hands for 1.04347.
