Even though the euro has made up some lost ground recently, the 18-nation currency continues to struggle against some of its counterparts. Even with the euro catching up to the greenback, the US dollar is still expected to maintain the upper hand.
Euro is slightly lower against its major counterparts today, but it has still made up some of its lost ground from before. German PMI wasn’t particularly encouraging yesterday, with the data showing that manufacturing expanded at its slowest pace in more than a year.
Worries about what’s next for the eurozone economy continue to weigh on the 18-nation currency. Germany could lead the entire eurozone into a funk, and sanctions against Russia are a cause for economic concern. With all of this, it’s no surprise that the European Central Bank continues to watch anxiously for signs of growth. However, without those robust signs, it appears that more monetary easing could be on the way.
For now, the ECB is likely to stay put after its most recent surprise easing decision. But once the wait and see period is done, more euro weakness could come.
At 10:44 GMT EUR/USD is down to 1.2844 from the open at 1.2847. EUR/GBP is down to 0.7828 from the open at 1.7839. EUR/JPY is down to 139.5025 from the open at 139.8970.
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