CurrencyShares Euro Trust (NYSEArca: FXE) is in a three-day slide to end the week following a dovish speech from European Central Bank President Mario Draghi and a better-than-expected U.S. nonfarm payrolls report for November.
The euro had been solid lately but suffered its largest decline in a month after the ECB cut its growth estimates and foreshadowed a potential rate cut next year, CNBC.com reports.
“We don’t think ECB President Draghi has completely killed the rally in the euro, the currency pair has had a very nice run over the past few weeks and a correction is not unexpected,” said Kathy Lien, managing director of forex strategy for BK Asset Management, in the article.
FXE, the euro ETF, was down 0.6% in Friday’s premarket following a nearly 1% decline the previous session.
Meanwhile, PowerShares DB US Dollar Index Bullish (NYSEArca: UUP) rose 0.4% after the Labor Department said the U.S. economy added 146,000 jobs last month, topping the 85,000 expected by economists polled by Bloomberg.