Euro is mostly higher today, but losses could be coming. Against some of its major counterparts, the euro is gaining ground, even though the 19-nation currency is down against the US dollar. However, recent data hasn’t been positive enough to rule out more stimulus from the ECB, and that means potential losses for the euro in the medium to long term.
Today, the euro is doing reasonably well in Forex trading. The 19-nation currency is higher against the sterling and the yen, and a variety of other crosses. Even though the euro is down against the US dollar for now, the currency is still holding its own against other currencies.
Poor news in the United Kingdom is helping the euro against the sterling, and more expected stimulus in Japan is weighing on the yen. Euro is also showing well against the Canadian dollar.
While recent economic data out of the eurozone has been a little bit better, the reality is that it hasn’t been good enough to keep the ECB from considering more stimulus measures for the future, and that could weigh on the euro going forward.
At 13:33 GMT EUR/USD is down to 1.1164 from the open at 1.1177. EUR/GBP is up to 0.8457 from the open at o.8441. EUR/JPY is up to 114.73 from the open at 114.32.
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