On Thursday, euro turned downward against the dollar, retreating from seven-week highs, after an official of the European Central Bank, Ewald Nowotny, said that in order to maintain the growth of prices in the Eurozone, there are needed fresh measures.
EUR/USD fell 0.29% to 1.1439 after the rise to a maximum of 1.1496 the previous day, the peak on August 26th.
The fall of the single currency started right after Nowotny, who is a member of the ECB Governing Council, said about the need for new measures to stimulate inflation. Nowotny said that the levels of the main and core inflation in the Eurozone are "clearly" below the target level of the ECB.
"In my opinion, it is clear that additional measures are needed," - he said.
The annual inflation rate in the Eurozone has turned negative in September, which is for the first time from the moment when in March, ECB launched its program of asset purchases amounting to one trillion euro.
The target for the ECB is inflation just below 2%.
The euro also weakened against the pound and the yen, EUR/GBP fell 0.33% to 0.7388, and EUR/JPY pair dropped to 135.5.
The dollar remains under pressure of growing doubts that the Federal Reserve will raise interest rates before the end of the year, amid recent publication of disappointing US economic reports.
On Wednesday, the dollar weakened after data showed that US retail sales rose 0.1% last month, after zero growth in sales in August, while the core index of retail sales, excluding car sales, fell 0.3%.
A separate report showed that producer price index in the US fell in September by 0.5%, showing the largest drop since January.
Weak statistical data reduces the chance of the Fed to raise interest rates in the coming months.
The USD index, which tracks the US currency against a basket of six major rivals, is traded at 94.02 after falling to a minimum of 93.84 the previous day, its lowest level since August 26.