The euro was mired near a one-month low against the dollar on Friday after a first estimate showed inflation in the euro zone fell more than expected in February. Inflation fell to 1.6 percent year-on-year this month compared with a revised 1.9 percent in January, moving further below the European Central Bank's target to keep inflation at or near 2.0 percent. The data was closely watched on the foreign exchanges due to heightened speculation in recent days that the ECB may consider cutting interest rates to offset disinflation pressure from a strengthening euro. The euro was trading at $1.2398 at 1108 GMT, little changed from pre-data levels and close to an earlier one-month low of $1.2374. The single currency was also nursing hefty losses at 135.15 yen , having earlier fallen more than one percent from the New York close to 134.89 yen.||