Euro is seeing more weakness today, and that’s not surprising, given the latest economic data out of the eurozone. Also not helping matters is the fact that the latest data out of Germany is disappointing as well. With the eurozone economy continuing to flounder, the more likely it is that ECB will take increasingly drastic steps to try to stimulate the situation.
Euro is down across the board today, dropping against its major counterparts as concerns about the eurozone economy continue to cause problems. The manufacturing sector in the eurozone slowed more than expected in September, moving to a point that is almost stagnation.
On top of that, the eurozone’s largest and most influential economy, Germany, also saw a slow down in manufacturing for September. The slowing is due in large part to the sanctions against Russia. Being able to sell to the Russian market is a big boost for Germany, and the rest of the eurozone, and with economic sanctions against Russia over the issues in Ukraine, the economy will only slow further.
Many see that the ECB will need to get more heavily involved, and that means a weaker euro.
At 10:47 GMT EUR/USD is down to 1.2597 from the open at 1.2630. EUR/GBP is down to 0.7777 from the open at 0.7791. EUR/JPY is down to 138.3510 from the open at 138.4960.
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