Euro is struggling today, turning mostly lower, as concerns about Greece once again come into focus. Worries about Greece coming to an agreement with creditors are weighing on the euro, which hasn’t seen much benefit from recent ZEW data.
The latest ZEW data shows stronger economic sentiment, but that hasn’t been enough to shore up the euro today. Other concerns are weighing on the 19-nation currency, along with the fact that some analysts believe the euro has been over-bought for some time.
Greece is still negotiating with its creditors. Some of the optimism over the exchanges from last week are fading as creditors ask Greece to submit to more austerity measures. Greece needs some sort of arrangement with creditors before it can get another round of funding from international sources.
So far, optimism is fading for the talks. On top of that, some analysts think it only natural for the euro to fall, as there hasn’t been much reason for the euro to have been maintaining its recent strength in Forex trading.
At 14:30 GMT EUR/USD is down, falling to 1.1327 from the open at 1.1358. EUR/GBP is also lower, falling to 0.7877 from the open at 0.7888. EUR/JPY is also losing ground, falling to 123.52 from the open at 124.03.
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