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The euro fell against the dollar and extended a weekly loss versus the yen after a German government report showed Europe's largest economy contracted last quarter by more than economists estimated. Germany's gross domestic product dropped a seasonally adjusted 3.8 percent in the first quarter from the fourth quarter, when it fell 2.2 percent, the Federal Statistics Office in Wiesbaden said today. That's the deepest slump since quarterly data were first compiled in 1970 and compares with the 3 percent decline estimated by economists in a Bloomberg survey.

The euro also headed for its first weekly loss in a month versus the dollar on concern a European report today will show the region's economy shrank at the fastest pace in at least 13 years.

The euro declined to $1.3593 as of 7:36 a.m. in London from $1.3639 in New York yesterday, heading for 0.3 percent loss this week. Europe's currency fell to 129.93 yen from 130.67 yen, and was set for a 3.2 percent decline this week. The dollar bought 95.59 yen from 95.80 yen.

Gold headed for a second weekly gain as the dollar extended its decline and global stocks were poised for their first weekly slump in ten, boosting demand for haven investments. Gold for immediate delivery was at $926.92 an ounce at 2:18 p.m. in Singapore. The metal climbed to $930.90 an ounce May 13, the highest since April 1. Silver was unchanged at $14.06 an ounce, a gain of 0.4 percent this week. 

The dollar gained for a second day against the euro as Asian stocks extended a global slump, spurring demand for the relative safety of the U.S. currency.The euro declined to the lowest level in almost a week against the dollar on speculation European Central Bank officials will today signal they plan to take further unconventional measures to keep down borrowing costs. Asian currencies weakened on concern a U.S. jobs report today will show the global economy continues to deteriorate, damping the appetite for emerging-market assets.The dollar advanced to $1.3584 per euro as of 7:44 a.m. in London from $1.3600 yesterday in New York. It earlier rose to $1.3526, the strongest level since May 8. The U.S. currency climbed to 95.70 yen from 95.30. The yen traded at 129.83 per euro from 129.61, after earlier climbing to 128.87, the highest level since April 29.The Dollar Index, which the ICE uses to track the U.S. currency against the euro, yen, pound, Swiss franc, Canadian dollar and Swedish krona, rose for a second day, gaining 0.3 percent to 82.746. 

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