Euro is heading higher today, gaining as improved economic data in the United States, as well as news out of China, helps high beta currencies. Euro is higher against currencies like the dollar and the yen, but struggling against the pound.
Once again, Greece is in focus, with a new plan for meeting austerity requirements in order to qualify for more bailout funds in focus. It looks increasingly like some sort of debt buy back will be used as part of the agreement. Some Greek politicians, though, are balking at voting for the new measures, including one who left PASOK in order to become independent.
Euro is also getting some help from the latest PMI data out of China. It appears as though there has been some improvement, and China just announced that it is injecting money into its economy for infrastructure improvements. The result is a little more risk appetite in Forex trading, and better performance for the euro.
However, as has been the situation for years now, the problems in the eurozone still haven’t be solved, and weakness could be ahead if the 17-nation currency can’t hold up as well under the pressure.
At 13:26 GMT EUR/USD is up to 1.2974 from the open at 1.2957. EUR/GBP is a little bit lower, slipping to 0.8032 from the open at 0.8033. EUR/JPY is up to 103.8450 from the open at 103.4100.
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