Euro is higher against the US dollar today, thanks in large part to the concerns related to the government shutdown and its effect on the economy. However, the 17-nation currency isn’t having as much success against other major currencies, as it heads lower against the pound and the yen.
Euro is gaining ground against the US dollar today, heading higher as the government shutdown continues. With the US government in a stalemate and with concerns rising that October 17 will arrive with the government in shutdown mode, the dollar’s weakness is contributing to the euro’s strength.
Eurozone economic data came in according to expectations, showing that the economy grew by 0.3 per cent in the second quarter of 2013. However, investor confidence, as measured by the Sentix, dropped to 6.1 from 6.5 in September, since concerns about the US economy are weighing on sentiment around the world.
In spite of being higher against the dollar, the euro is down against the pound and the yen today. There’s just not enough confidence to keep the 17-nation currency buoyed against all comers.
At 13:47 GMT EUR/USD is up to 1.3568 from the open at 1.3564. EUR/GBP is lower, though, dropping to 0.8438 from the open at 0.8465. EUR/JPY is also lower, falling to 131.4505 from the open at 131.8795.
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