Euro Continues to Struggle

Euro continues to struggle today, although it is off recent lows. Concerns about the eurozone, as well as continued low oil prices are weighing on the 19-nation currency region.

The euro has gained some ground since it collapsed below the $1.19 level against the US dollar yesterday, reaching a low not seen for nine years. The euro is still lower today than its open, although it is not quite that low. The 19-nation currency is also struggling against other currencies today, although it is higher against the UK pound.
Concerns that Greece’s far left Syriza party will come out ahead in the election scheduled for later this month are among the stressors for the euro. If Syriza does take the reins of Greece, there is a chance that the eurozone will see its first defection.
Not only that, but global oil prices continue to struggle. Oil is below $50 a barrel for the first time in years, and that is helping the US dollar. Struggling gold is also helping, but gold is back above $1,200 an ounce, so that situation isn’t as dire.
At 11:47 GMT EUR/USD is down to 1.1901 from the open at 1.1933. EUR/GBP is up to 0.7829 from the open at 1.7825. EUR/JPY is down to 141.79 from the open at 142.75.

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