The euro fluctuated against the dollar after touching the weakest level since July 2010 as German manufacturing data dropped and traders speculated measures may be taken to relieve the bloc’s debt crisis. A German index based on a survey of purchasing managers in the manufacturing industry declined to 45 this month from 46.2 in April, Markit Economics said today.

The Swiss franc weakened to its lowest level in two months against the euro amid speculation the central bank may take action to discourage investment in the nation through taxing deposits.

Britain’s pound weakened against the dollar after a report showed U.K. retail sales fell the most in more than two years.

Sales including auto fuel declined 2.3% in April from the previous month, a report showed today. The median forecast of economists was for a 0.7% decline.