Euro is heading lower today, dropping on disappointing economic data and concerns that the eurozone will see more slowing. Concerns about the various countries in the eurozone are weighing on the 19-nation currency.
The latest flash eurozone PMI reading has disappointed analysts and Forex traders alike, and is resulting in a much lower euro today. The 19-nation currency is struggling against most of its counterparts today as economic concerns once again rise to the top. The composite PMI dropped to 52.9 from 53.0, when many analysts and forecasters had expected a rise to 53.2.
Looking at individual countries, France and Germany did well. However, the rest of the eurozone continues to struggle, and questions about Greece are still a big factor dragging on the whole region. The disappointing PMI likely indicates that the next GDP data will be somewhat disappointing as well. There isn’t a lot to support the euro right now, and it’s no surprise it’s struggling. Without economic growth, the 19-nation currency is hard-pressed.
At 13:53 GMT EUR/USD is heading lower, dropping down to 1.1196 from the open at 1.1207. This approaches a tw0-month low. EUR/GBP is falling to 0.7715 from the open at 0.7726. EUR/JPY is down to 122.98 from the open at 123.45, reaching a one-week low.
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