Data Helps Euro Pare Some of Its Losses

Euro is falling against its major counterparts today, but some of the losses are being pared, thanks to the latest data releases. Some of the regions of the eurozone are reporting progress, and that is reducing some of the difficulty with the euro.

The latest data out of the eurozone, while not spectacular, at least shows some progress. Germany saw a drop in the number of people unemployed this month, even though the unemployment rate remains the same. Another report showed that Spain had economic growth of 0.5 per cent in the third quarter. The news is helping the euro pare some of its earlier losses.
However, even with the data, the euro is still struggling to a degree. There are more concerns about Greece and its economic situation, not to mention predictions of more volatility in Greece. And the overall economic growth of the eurozone remains very sluggish. There isn’t a lot of reason for ECB policymakers to do anything but continue to ensure that the euro remains somewhat weak against its major counterparts in the hope that this will help stimulate the economy.
At 10:47 GMT EUR/USD is down to 1.2590 from the open at 1.2632. EUR/GBP is down to 0.7870 from the open at 0.7889. EUR/JPY is down to 137.2341 from then at 137.5650.

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