Euro Recovers Some of Its Losses in Choppy Trading

Trading remains choppy for the euro today as traders and investors look for direction. Everyone is waiting for a Greek debt deal to be reached, and a certain amount of concern is present that nothing has been signed yet. Earlier, the euro gained against the US dollar, then fell. Now, euro is struggling higher, recovering some of its losses.

The economic news coming out of the eurozone has been relatively positive recently. Additionally, risk appetite in general is being helped along by better earnings news out of the United States. Forex traders want to be able to start a risk rally, but doubt over what’s next for Greece is holding them back.
Euro does, however, retain many of its against the Japanese yen. Euro reached recent 7-week highs against the yen in earlier trading before pulling back somewhat. However, euro is still logging gains against the yen. Euro is also higher against the UK pound. The Bank of England is expected to announce more easing tomorrow, while the European Central Bank is expected to hold steady. The result is that the euro is likely to retain the upper hand against the sterling.
At 15:33 GMT EUR/USD has once again dipped lower to 1.3259, down from the open at 1.3261. EUR/JPY is up to 101.9855 from the open at 101.7950. EUR/GBP is higher at 0.8379, up from the open at 0.8384.

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