Euro is mostly lower today, thanks in part to concerns about various banks and the possibility of more stimulus. All eyes are on the ECB to see what the next move might be.
Euro is struggling today on the news that the ECB is inquiring into bank health again. The ECB appears to be looking at non-performing loans and hoping to tackle the bad debt that still plagues many eurozone countries.
On top of that, global stocks are still struggling. US stock markets are closed today for a holiday, but in Europe shares are lower pretty much across the board, and things aren’t going well in Asia, either. Oil and gold prices continue to struggle as well. Concerns about what’s next are weighing on high beta currencies like the euro.
The current situation in the eurozone also has some speculating that more stimulus will be needed from the ECB down the road, especially if the news out of China continues to disappoint.
At 14:39 GMT EUR/USD is lower, dropping to 1.0897 from the open at 1.0930. EUR/GBP is also falling, heading down to 0.7629 from the open at 0.7666. EUR/JPY is higher though, thanks to the weakness the yen is experiencing, gaining to 127.8860 from the open at 127.6150.
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