Euro is mixed today on the Forex market as an oil probe looking into price fixing continues. Recent US economic data is also being taken into consideration, since it demonstrates that maybe recovery is not on the way after all.
Euro is turning in a mixed performance today, heading higher against low beta currencies like the dollar and the yen, but losing ground to the UK pound.
Even though a eurozone slump has been confirmed by economic data, the 17-nation currency isn’t doing too bad today. Eurostat reports that annual consumer inflation dropped to 1.2 per cent, and has, as a result, mentioned the risk of deflation for the eurozone.
However, euro is higher against the US dollar on the last unemployment claims figures which show a jump to 360,000 first-time claims. Paired with yesterday’s disappointing industrial production data, and the euro has the upper hand right now.
But that may not continue. Not only is the eurozone facing continued economic problems, but a European Commission probe into oil companies that might have been fixing their prices is also a factor to consider.
At 13:01 GMT EUR/USD is up to 1.2904 from the open at 1.2887. EUR/GBP is down to 0.8454 from the open at 0.8458. EUR/JPY is up to 132.0550 from the open at 131.7650.
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