Euro is lower today, thanks to disappointing news coming out of the eurozone. The 17-nation currency is pulling back on falling retail sales and a disappointing bond auction in Portugal. Even the general enthusiasm experienced by financial markets at the latest US jobs data isn’t helping the euro right now.
Euro is down on the Forex market with the news that eurozone retail sales were down 0.4% in December. The drop in sales was led by Germany and France, the two largest eurozone economies. With those economies showing slowing, there isn’t much hope for the rest of the eurozone. Additionally, unemployment in the eurozone remains stubbornly high.
Also weighing on the euro today is the disappointing bond auction in Portugal. The Greek debt problem still hasn’t been solved, and there are new concerns about Portugal and other eurozone countries. Portugal’s problems are bringing attention to the fact that Greece isn’t the only country in the eurozone with sovereign debt issues.
Euro has pared some of its earlier losses, though, thanks to general risk appetite. With investors and Forex traders enthusiastic about the good news in the United States, some of that is rubbing off and riskier assets are in demand.
At 15:20 GMT EUR/USD is lower at 1.3117, down from the open at 1.3145. EUR/GBP is down to 0.8306 from the open at 0.8318.
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