Euro is struggling today, changing between gains and losses against the US dollar, and finding it difficult to gain solid traction against other major currencies. Worries about recession continue to weigh on the 17-nation currency.
Later this week, the latest eurozone GDP data is supposed to be released a little later this week. There are expectations that, once again, a quarterly drop in GDP will be evident. A drop of 0.1 per cent may not seem like much, but another GDP reduction would mean the sixth quarterly drop, and indicate that the eurozone is still in a recession.
The news is resulting in uneven trading for the euro today. Euro has see-sawed against the US dollar today, and is managing grudging gains against the UK pound. Concerns about the ability of the euro to weather the storm continue to weigh on the 17-nation currency, but there is enough hope and risk appetite to allow the euro to eke out some gains against some of its counterparts.
At 15:58 GMT EUR/USD is higher, up to 1.2980 from the open at 1.2971. Earlier, the euro had dropped to 1.2941 against the US dollar. EUR/GBP is higher at 0.8489, up from the open at 0.8446 and recovering from session lows of 0.8432. EUR/JPY is lower, dropping to 132.1650 from the open at 132.1450.
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