Euro is managing to hold to most gains made earlier today, thanks to a bit of hope out of Greece, and disappointing economic data. However, some of the euro’s early gains have been pared, and risk aversion could overpower the 17-nation currency, and send it lower.
US dollar remains lower on the Forex market, dropping as economic conditions continue to exert downward pressure. Greenback is lower as the latest news comes in about the GDP, and as Forex traders continue to weigh the latest statements from policymakers in the United States.
The latest in the Greek debt saga has Forex traders worried about what’s next, and that is dragging the euro lower, in spite of other news that is favorable to risk appetite.
Greece faded from the spotlight for a little while, but the erstwhile country is back on center stage as debt talks once again look to be on the verge of collapse. As a result of uncertainty in Greece, and due to other issues in the eurozone, it is little surprise that the euro’s recent rally has lost momentum.
Euro is dropping, falling from highs not seen for two weeks, as Greek debt talks resume. They’re still working out the details with private bondholders on how to proceed. The euro’s recent rally has been based on the idea of the Greek deal getting done — and continued talks have some Forex traders nervous.
Euro is breaking higher today, moving through the 1.29 level against the US dollar. Good news regarding debt auctions in Europe, plus good labor market news in the United States, has Forex traders looking for higher yields.
Euro is gaining in Forex trading today, with a measure of optimism returning as Greek and Spanish borrowing costs drop. Also helping the euro is the good news coming out of Germany, with a better than expected ZEW.
There were high hopes for the latest Italian debt sale, but they were disappointed. Indeed, even though Italian debt costs dropped below 5 percent, the sale failed to raise the kind of money needed to overcome some of the budget woes. As a result, the euro is down against its major counterparts.
Euro is managing to hold on to some of its gains for now. Euro saw some small success against the US dollar yesterday, and is working to keep those gains today.
Bank capitalization concerns are the main focus today, especially after the debacle involving UniCredit. Worries about bank capitalization, and a continuation of the sovereign debt crisis in many eurozone states, has the euro heading lower again today.
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1 year 12 weeks ago
1 year 12 weeks ago