Weak Chinese data and worries about Spain's banking sector drove the euro to two-year lows against the dollar and safe-haven German Bund futures towards record highs on Friday.
European stock futures steadied at the open after falling towards their lowest levels this year on Thursday.
Weighing on the global demand outlook, China's official purchasing managers' index fell to 50.4 in May from April's 13-month high of 53.3, and a separate HSBC PMI survey showed a seventh consecutive month of contraction in the manufacturing sector.
Investors are also concerned about Spain's need to recapitalise its troubled banks, though IMF Managing Director Christine Lagarde denied late on Thursday that the IMF was preparing financial assistance for Spain.
The MSCI world equity index dipped towards the year's lows set in the previous session.
The euro fell as low as $1.2324, its weakest since July 2010, and was trading down 0.2% at $1.2332 at 0715 GMT.
Bund futures tested record highs set in the previous session and were trading at 146.01, down 1 tick on the day.
US employment data at 1230 GMT is forecast to show a 150,000 rise in non-farm payrolls in May.
