Euro Regains Upper Hand in Currency Trading

Euro is getting some help in forex trading today, heading higher against its major counterparts in something of a correction. However, it’s uncertain how long the current good news will last.

For now, the euro seems to be enjoying something of a relief rally. It looks as though, even though Syriza won the Greek elections, there won’t be an exit for the embattled country from the eurozone. Additionally, it also appears that many are focusing on the fact that the Federal Reserve continues to put off interest rate hikes. There is also speculation that the US dollar might be in a bubble, and that is changing the situation for the euro.

The 19-nation currency remains vulnerable, however. BOE Governor Mark Carney has blasted the eurozone for its structural issues and the continued focus on austerity. Plus, it is far from certain that the troubles in the eurozone are truly over. The euro might be higher today, but no one is sure how long the rally will last.

At 11:39 GMT EUR/USD is higher, moving up to 1.1322 from the open at 1.1289, after falling to to a nearly 11-year low. EUR/GBP is also higher, up to 0.7485 from the open at 0.7448. EUR/JPY is up to 133.4560 from the open at 132.6060.

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