The euro fell against 12 of its 16 counterparts tracked by Bloomberg on Thursday (October 1st) after comments from the European Union's economic and monetary affairs commissioner Joaquin Almunia.Ahead of the G7 meeting in Goteburg, Sweden, Mr Almunia confirmed that the appreciation of the euro will be on the agenda for discussion, a statement which led foreign exchange brokers and analysts to suspect that action may be taken to lower exchange rates on the euro to bolster export and tourism trade.Lee Wai Tuck, a foreign exchange strategist at Forecast Pte in Singapore, commented: "European policy makers may discuss the euro's appreciation given worries that the currency’s strength could hurt the region’s exports. This is definitely a negative for the euro."Sterling is yet to recover from a slump last week which was precipitated by Bank of England Mervyn King, who extolled the benefits of a weaker pound in promoting economic recovery in the UK.