Economic data is boosting the euro right now, providing the 17-nation currency with a little help against many of its counterparts. With better economic news pointing to eurozone recovery, the euro is getting a little help on the Forex market today.
The eurozone’s 18-month recession might be coming to an end, and that is providing the euro with a bit of help today in Forex trading. The latest factory output data out of Germany shows a surge, and that is helping the euro gain ground.
As the largest economy in the eurozone, Germany represents a major part of the region’s economic strength. Indeed, the rest of the eurozone often follows where Germany leads. With things improving in Germany, there is hope that the wider eurozone economy will also see improvements.
Euro is heading higher, especially against the US dollar, on this latest news. The idea that the recession might be giving way to economic improvement in the eurozone is helping to drive the euro, especially in the wake of uncertainty regarding exactly when the Federal Reserve will begin tapering its quantitative easing efforts.
At 14:21 GMT EUR/USD is up to 1.3310 from the open at 1.3259. EUR/GBP is up to 0.8658 from the open at 0.8634. EUR/JPY is down to 130.2670 from the open at 130.3450.
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