The euro is on track for its third consecutive weekly gain

The euro edged lower in European trading on Friday against a basket of global currencies, relinquishing a two-month high against the US dollar due to profit-taking and corrective selling, coinciding with the dollar's attempts to recover from recent lows.

The euro is on track for its third consecutive weekly gain, buoyed by strong demand as one of the best investment opportunities in the foreign exchange market, particularly following the narrowing of the interest rate gap between Europe and the United States. European Central Bank President Christine Lagarde praised the recent improvement in economic activity in the eurozone and hinted at the possibility of raising economic growth forecasts at next week's monetary policy meeting.