European currency fell for the second consecutive day versus the greenback as concerns about euro area’s economic recovery strengthened again.

German magazine Der Spiegel reported today that Greek austerity measures have a very negative impact on the country’s economy citing the figures that show that unemployment rate in some areas climbed to 70% increasing social tensions.

In addition, Stoxx Europe 600 Index was down for the second day in a row losing 0.3%.

Currency strategists at Commerzbank AG in Frankfurt note that fiscal measures conducted in Europe will be affecting the region’s growth during the coming years. The specialists believe that the single currency will stay in range between $1.27 and $1.30 in case there will be no negative data shocks.

Analysts at Okasan Securities Co. in Tokyo recommend selling euro as there’s no real improvement in euro area’s macroeconomic fundamentals.

Economists at NTT SmartTrade Inc., the unit of Nippon Telegraph & Telephone Corp., underline that the pressure on European currency strengthened as Japanese margin traders placed automatic orders to sell the currency if it declined to a $1.2850 level.

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