The euro lost ground against its major trading partners in the European session on Thursday, after European Central President Christine Lagarde struck a cautious tone on the euro area economy, saying that inflation remained subdued and the weakness in the manufacturing sector posed a drag on growth momentum.
In her press conference in Frankfurt, Lagarde said that recent data were in line with the baseline scenario of ongoing, but moderate, growth of the euro area economy. The weakness in the manufacturing sector remained a drag on euro area growth momentum.
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