The decision of the European Central Bank to start the quantitative easing program (QE) that was announced in May 2014 weakened the euro exchange rate gradually. Currently, the single European currency is trading at a 12-year low against the US dollar. In the beginning of March, during the Forex trading session, the euro slid to $1.1083 which is the lowest reading since September 2003. Negative data on the services sector of the eurozone also contributed to the fall of the euro. The released report upset market participants as the activity in this sector did not reach the targeted figures in February. Meanwhile, outstanding statistics of the US economy is boosting the US dollar on the global financial market. According to the information from the US Department of Labor, employers added more vacancies than it was expected and the unemployment rate tumbled down to 5.5% touching the lowest level for almost seven years. All these factors push the greenback up. The European currency experienced a series of drops for five days in a row. Experts and international observers point out that the US dollar gains ground against the majors confidently over the last year. Taking into account that the euro cost $1.37 a year ago, it lost 25% in value.
