Euro down against dollar after weak eurozone data

LONDON (AFP) — The European single currency slipped against the dollar on Thursday as official data revealed slowing sales in the eurozone, analysts said.

The euro fell to 1.5590 dollars from 1.5687 in New York late on Wednesday.

Against the Japanese currency, the dollar rose to 102.76 yen from 102.29 on Wednesday.

Investors in Europe reacted to eurozone retail sales data for February.

"Muted retail sales in February reinforce concerns about the eurozone growth outlook," said Global Insight economist Howard Archer.

"However, while we believe that slowing eurozone growth, a deteriorating global economic environment, financial market turmoil and a very strong euro will eventually compel the European Central Bank to cut interest rates, we now suspect that this is unlikely to happen before September given current elevated inflation," Archer said.

"We still expect interest rates to fall from 4.00 percent currently to 3.50 by the end ...