Euro would have been weakening anyway, thanks to recent efforts from the ECB, but weak Chinese data is weighing on risk appetite, and the euro is down across the board.
Euro is down today, thanks in large part to the fact that there are a lot of factors weighing on the 18-nation currency. The fact that the ECB continues to take steps to stimulate the economy is sending the euro lower, as are concerns about what the latest sanctions against Russia mean for the eurozone.
The latest news that the eurozone trade surplus has grown is barely a blip on anyone’s radar today. Even though Eurostat reports that the eurozone is seeing more exports, the euro isn’t ready to pick up the pace. A lot of that probably has to do with the fact that the latest data out of China has risk appetite fleeing.
Weak data out of China, which is one of the world’s major economic drivers, is weighing on risk appetite. Not only that, but euro does trade with China, and weak data means that the euro is going to be lower.
At 10:22 GMT EUR/USD is down to 1.2920 from the open at 1.2973. EUR/GBP is down to 0.7955 from the open at 0.7970. EUR/JPY is down to 138.5995 from the open at 139.0750.
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