The European single currency fell below the symbolic $ 1.30 Friday on multiple concerns weighing on global growth. Which in turn benefits the price of the dollar.

While the strong euro was still being debated just two weeks ago, at least by the French Government, the European single currency is showing signs of accentuated weakness. On Friday it went below $ 1.30, to 1.2996 dollars in late morning after hitting a low at 1.2986 dollars. Is its lowest level since December 11th. Previously it had risen to 1.3644 dollars closing on February 1st due to the currency war led by Japan.

The Friday decrease was due to withdrawal of traders on the security, after the announcement of a new contraction in manufacturing activity in the euro area for February, for the ninth consecutive month, and rising unemployment across the region, at 11.9% in January, a new record.

And reflection that Europe is not the only cause for concern. This was fueled by a “PMI Chinese manufacturing output (in February) showing a slowdown in the second largest world economy coupled with austerity measures on Friday entering the United States, after the failure of discussions”, as Americans elected on the country’s budget.

Finally, the foreign exchange market continued to digest the outcome of difficult elections in Italy which may cause a political deadlock and challenge the entire euro zone..