Euro is gaining today, heading higher as risk appetite makes an appearance. There haven’t been many dramatic moves so far in trading, but the 17-nation currency is holding its own and logging gains.
Right now, the euro is receiving support from improve risk appetite as the economic picture shows slight improvement in the United States on the heels of the latest retail sales data. With retail sales up in September, and revised higher in August, there are hopes that economic recovery could be coming.
Things in the eurozone remain a bit dicey, though. Spain continues to put off requesting bailout funds, and that has some quite nervous. The head of the International Monetary Fund, Christine Lagarde, has called for eurozone leaders to make use of bailout funds to shore up the region from the sovereign debt crisis. While she didn’t name any country, many thoughts immediately turned to Spain.
For now, though, the euro is managing to hold its own. There is enough risk appetite to help support high beta currencies, and enough hope that leaders will do what needs to be done in order to save the eurozone.
At 13:46 GMT EUR/USD is holding steady at 1.2954, which was the price at open. EUR/GBP is up to 0.8066 from the open at 0.8056. EUR/JPY is up to 102.0130 from the open at 101.6250.
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