The dollar is within touching distance of a 15-year record low against the euro, according to reports.

This morning, the euro continued its strong performance against the US currency by trading at around the same level as Friday's $1.4090, Reuters reports.

According to the BBC, the single European currency also rose to an 18-month high against the sterling on Friday when it traded at 70.20 pence.

Last week's decision by the Federal Reserve to cut interest rates to 4.75 per cent was instrumental in the dollar's performance, it has been suggested.

Meanwhile, the euro's rise against both the dollar and the yuan has led to concerns about European exports and competitiveness, according to the French government.

An aide of France's president Nicolas Sarkozy suggested that the government is critical of the European Central Bank and told Reuters it could not "stay silent in the face of this absurdity".

Germany's BDI industry group also suggested to the news agency that the euro's strength is "alarming", while the BBC reported concerns from plane manufacturer Airbus.

It is believed Fabrice Bregier, chief operating officer of Airbus, told the BFM radio station that cuts would have to be made at the firm, while a strong euro would limit its potential to invest in new projects.

The currency market is not anticipating much movement in the beginning of the week on the back of data release.

Senior currency strategist Sue Trinh of RBC Capital Markets told clients: "With no major data risk in either Europe or the US today, expect a slow start to the week," Reuters reports.