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The common currency hit a two-week low on Thursday morning of $1.11555, down half of percent on the day, despite moving higher earlier in the week.
Thursday's drop was caused by a more hawkish tone by the U.S. Federal Reserve than what markets were expecting.
"The euro got a bit overextended on the recent run higher as it ran out of new good news to take it higher and the European Central Bank did its utmost to dampen expectations for the beginning of any asset purchase taper," John Hardy, Head of forex strategy at Saxo Bank, told CNBC via email.
"As well, yesterday's FOMC (Federal Open Market Committee) meeting was less dovish than expected as the Fed kept its policy forecasts unchanged despite clear deceleration in inflation and a couple of bad data points yesterday."
The Federal Reserve announced its second rate hike of 2017 on Thursday and sounded more hawkish even after data indicating that growth won't reach the government's 3 percent target and retail sales data showed still a struggling economy and payrolls growth has slowed down.
"That's all the Fed. With the Fed, people were expecting a little more dovishness," Martin Arnold, Global FX & Commodity Strategist at ETF Securities, told CNBC on Thursday.
"I think we are close to seeing a near top for the euro and a near bottom for the dollar."
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