Euro is struggling a bit on the currency market today, following an expected interest rate decision from the European Central Bank.
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The latest growth outlook for the UK economy is pushing the pound higher today. Pound reached a five-week high against the euro, thanks to the fact that the United Kingdom is expected to see greater growth in the coming year than the eurozone.
The European Union experienced a downgrade in its credit rating earlier today. Along with that news, and following on the heels of expectations for a stronger dollar on Fed tapering, it’s little surprise that the euro has been struggling.
Greenback plunged Friday after the unemployment report for August, and today’s performance is lower as other currencies make a stronger showing, backed by their own encouraging data.
Yesterday, the loonie struggled against its major counterparts, and the same is happening against today. Mostly, it has to do with expectations of the Federal Reserve taper.
For the second quarter, there has been a decline in employment, and that has many questioning the sustainability of the burgeoning economic recovery in the 17-nation currency region.