EUR/USD Falls as Optimism Wanes

The Great Britain pound gained today against the euro as the optimism caused by the rescue plans for the Eurozone quickly waned. The currency fluctuated against the dollar as the confidence of Britons declined.
It’s surprising how fast the positive sentiment of traders turned to cautious stance, considering that previously optimism persisted on markets for a long time even without any positive news. This time optimistic went away as fast as it appeared and investors started to abandon the euro.
The GfK Consumer Confidence fell to -32 in October from -30 in September. The index was expected to remain unchanged. That was the third time in history the index reached this value.
GBP/USD was near its opening level of 1.6097 today as of 13:50 GMT after reaching its maximum of 1.6123 and the minimum of 1.6070 during the trading session. EUR/GBP fell from 0.8811 to 0.8791.

If you have any questions, comments or opinions regarding the Great Britain Pound,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *