Euro Mostly Rangebound Today as Traders Wait for FOMC

Euro is mostly rangebound today, with a slight propensity toward weakness against currencies that aren’t the US dollar. There is a lot happening right now, and many traders seem ready to wait until next week, and the next FOMC announcement.

There is a lot happening unexpectedly right now. US nonfarm payrolls didn’t offer the expected performance last week, and there is increased hope for a diplomatic solution in Syria. With the weirdness happening this week, some traders are sidelining themselves, content to wait until next week, when the Federal Open Market Committee makes an announcement.

Some expect a sort of “taper lite” situation, and that is helping the euro a bit against the US dollar. However, the general weakness in the eurozone, and the ECB‘s announcement last week that another rate cut could be on the table, are contributing to euro weakness against some of its other counterparts.

For now, it’s more of a wait and see situation. Many Forex traders want to see what the FOMC says, and many also want to wait and see what happens with Syria.

At 14:21 GMT EUR/USD is up to 1.3290 from the open at 1.3267. EUR/GBP is down to 0.8413 from the open at 0.8432. EUR/JPY is also lower, down to 132.8710 rom the open at 133.1850.

If you have any questions, comments or opinions regarding the Euro,
feel free to post them using the commentary form below.

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *