Euro fell on the opening of European market on Friday against a basket of global currencies to resume losses against USD, which was temporarily suspended yesterday as part of the retreat from the lowest level in six weeks, the second consecutive weekly loss against the US currency, Green versus 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.

The euro was down 0.1% at 06:15 GMT, trading at $ 1.1501, the opening price of $ 1.1513, and the highest at $ 1.1519 and the lowest at $ 1.1497.

The euro ended yesterday’s trading up 0.3% against the dollar, its first gain in the past seven days, on the back of a six-week low of $ 1.1463, recorded earlier in the session.

Over the course of this week, the single European currency has so far lost about 0.9% against the greenback, the second weekly loss in a row, amid accelerated US dollar purchases and worries about the Italian budget.

US dollar purchases accelerated this week, especially after 10-year US bond yields rose to their highest level in seven years, 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 of neutrality if the US economy continued to grow positively.

The euro’s losses this week widened the expected Italian government-EU budget deficit, after Italy set a deficit of 2.4% of GDP higher than the EU’s 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.

The important economic data from Europe are missing from the financial market arena, so attention is drawn to the US labor market data released later today, especially non-farm payrolls data for September, which will have a significant impact on the US dollar exchange rate against most World currencies.