The euro’s value against the dollar fell on Thursday to its lowest in nearly two years pushed down by a slowdown in economic activity in Europe’s powerhouse Germany.

Activity for the whole euro area also declining faster than expected in May.

That shows the downturn that started in smaller periphery members is taking root in core countries -Germany and France.

As a result the euro fell sharply on Thursday. At one stage is was well below $1.26, its lowest level since July 2010.

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