Euro Struggles Against Other Currencies on Economic Data

Euro is struggling against other currencies right now, mostly lower as other currencies gain the upper hand, thanks to better economic data. Better data reports in the United States and United Kingdom are helping the dollar and the pound.

Optimism for other countries is helping keep currencies like the dollar and the pound higher against the euro today. In the United States, durable goods orders are helping boost the greenback, as is the news that personal spending is on the rise. In the United Kingdom, there is optimism about the economic recovery in 2014. In both cases, there are expectations that quantitative easing is no longer needed to support the economy.
These better developments for other economies stand in contrast to the eurozone. While improvements have been made in some member countries, other euro countries remain mired in economic difficulty. This weighs on the euro, and is causing a degree of trouble for the 17-nation currency.
A banking union has been agreed to, and the ECB and other leaders have shown they will do what it takes to shore up the euro, but that doesn’t change the fact that there is a lot left to be done.
At 14:05 GMT EUR/USD is down to 1.3372 from the open at 1.3697. EUR/GBP is down to 0.8351 from the open at 0.8374. EUR/JPY is up to 142.5930 from the open at 142.5385.

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