The euro was falling today, but currently has recovered losses and it looks like the currency may yet even rally. Forex traders are digesting news regarding Cyprus and are trying to guess where the euro will go next.
As was predicted, it is hard for traders to follow moves of the shared European currency. The euro looked weak at the beginning of the trading session and it seemed the currency will extend its drop for another day. Yet the euro rebounded, though did not erase yesterday’s losses completely.
What is the next move of the 17-nation currency? It is very hard to tell. Certainly, traders remain worried about the private-sector losses included as a term for Cyprus’ bailout. At the same time, some economists say that it is already history and the FX market will look for other news to find direction.
EUR/USD traded at 1.2853 as of 21:14 GMT today after falling from 1.2852 to 1.2859 earlier. EUR/JPY advanced from 120.98 to 121.39 and EUR/GBP rose from 0.8467 to 0.8478.
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