EURUSD hit a six-week low on Thursday, before starting slightly higher with the opening of the European market, and the euro fell on Wednesday for the sixth day in a row against the dollar within the longest daily loss series since December 2017, US currency purchases intensified against most major and minor currencies, as well as concerns about the expected clash between the Italian government and the European Union over the budget deficit.

EURUSD rose by more than 0.1% as of 07:55 GMT, trading at $ 1.1490, the opening price of $ 1.1475, the highest at $ 1.1494 and the lowest at $ 1.1463, the lowest since August 20.

EURUSD ended yesterday’s trading down 0.6% , its sixth daily loss in a row, among the longest daily losses since early December 2017, as the US currency continued to rally strongly against most major and secondary currencies.

The strong rally has supported 10-year US bond yields to a seven-year high, after strong economic data from Washington showed a higher-than-expected rise in US private sector jobs in September, and service sector growth during the same month at its highest pace since 2008.

The data reinforced the likelihood that the Federal Reserve will raise US interest rates for the fourth time this year at the December meeting.

Federal Reserve Chairman Jerome Powell said on Wednesday the central bank could raise interest rates at a higher rate than expected if the US economy continued to grow positively.

The euro’s losses this week, the expected clash between the Italian government and the European Union over the budget deficit, widened after Italy set a deficit of 2.4% of GDP higher than EU financial controls.

Reports said on Wednesday that the Italian government plans to reduce the budget deficit over the next three years to 2.0% by 2021, and so far markets are waiting for the reaction of the European Union to the Italian proposal.