Euro has moved above the 1.3400 mark today as Forex traders look on the bright side of things. However, there are questions about whether the euro can find support at this level, considering the issues that still afflict the eurozone, and the global economy.
Canadian dollar is benefiting from improved sentiment today. Loonie is also finding some support against the US dollar as a commodity currency, with oil prices on the rise.
US dollar is lower across the board as equities show some spunk today. US stock futures are expected to open higher, and British stocks are higher today. There is a measure of risk appetite today as Forex traders consider what could be positive economic data.
You may have heard of Forex trading – the trading of currencies on the foreign exchange market. It has become increasingly popular over the past few years for individuals to do Forex trading because there are large profits to be had if you know what you are doing. However, trading in the Forex market is very different from trading on a basic stock exchange.
The latest economic data out of the eurozone is pointing to a possible recession, and that has the euro losing ground to the US dollar today.
US dollar is surging against Japanese yen today. The result is a strong expectation for Japanese company earnings, and hopes that things can get back on track for Japan, now that yen weakness is more pronounced.
UK pound is struggling today, even with the announcement that Britain saw its biggest budget surplus in four years during January. The news is being met with calls for more government spending to stimulate the economy, but George Osborne is holding steady, and insisting that more austerity is needed.
Euro is gaining today, heading higher after a rocky week, thanks to hopes for a Greek bailout. Expectations are that a Greek debt agreement will be reached by Monday.
Japanese yen is falling today, heading lower on a general feeling of risk appetite in the markets. Earlier this week, Japanese leaders used funds to buy other currencies in order to keep the yen lower, and today demand for riskier assets is encouraging yen weakness.
US dollar is mixed against major European currencies today as good news out of the United States contrasts with continued uncertainty out of the eurozone. Concerns about what’s next for Europe are weighing on the euro, while a general feeling of risk appetite is helping the pound.
