Euro is higher today, after recovering from yesterday’s disappointing German data. Euro is higher across the board, gaining ground as other major currencies demonstrate weakness.
Yesterday, the euro struggled as soft German industrial data caused concern about the economic prospects of the 19-nation currency region. Today, much of that concern is over as Forex traders shift focus to other regions and other currencies.
The latest focus is on the sterling, which is lower after the latest Bank of England policy meeting announcement. The current quantitative easing program will be left in place. While some think that the European Central Bank will be forced to engage in easing at some point, it doesn’t appear that Mario Draghi and the rest of the policymakers are in a huge rush to do so.
News out of the United States has been similarly disappointing, so the euro is gaining against the dollar as well today. While there are still plenty of concerns about the euro, and plenty to worry about going forward, for today the currency is regaining some of its recently lost ground.
At 13:59 GMT EUR/USD is up to 1.1245 from the open at 1.1237. EUR/GBP is also higher, moving up to 0.7366 from the open at 0.7336. EUR/JPY is up to 134.8560 from the open at 134.8660.
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