Euro is trading mixed today as focus shifts from Asia to the eurozone, specifically Germany. There are a couple of key arguments coming before German courts, regarding ECB measures to shore up ailing eurozone countries, and many are interested to see how things are likely to play out.
Euro is gaining against the US dollar today, heading higher, even though risk assets are not in demand. Earlier, euro was down against the pound as well, but the 17-nation currency is now up against the pound. Euro is lower against the yen still.
Forex traders are watching developments in Germany with some interest right now. Today marks the start of constitutional court hearings on the Outright Money Transactions (OMT) program from the ECB. On top of that the German Constitutional Court will soon hear arguments about the legality of the European Stability Mechanism (ESM) used to bail out ailing countries. Decisions won’t be made today, but there is a great deal of interest in the arguments.
For now, there is a lot for Forex traders to think about, and the euro doesn’t seem to being doing badly, for all the uncertainty.
At 14:47 GMT EUR/USD is up to 1.3288 from the open at 1.3257. EUR/GBP is up to 0.8515 from the open at 0.8513. EUR/JPY is down to 128.6675 from the open at 130.9265.
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