Euro has moved lower today, but the 19-nation currency is still poised for weekly gains. The rise in German Bund yields has stalled, and Forex traders are taking this opportunity to take profits and consolidate.
This past week has seen a surging performance for the euro in Forex trading. The 19-nation currency has been gaining against most of its major counterparts as yields on German Bunds have risen.
Now, though, the euro is taking a breather. With Bunds stalling, and with the end of the week approaching, there is some profit taking and consolidation. Euro is mostly lower against its counterparts now (only the yen is falling to the euro at this time), and Forex traders are repositioning themselves.
However, even with the likely losses for the day, the euro is still seeing some success. There is a good chance that the 19-nation currency will end higher for the week, which some see as a good omen in the face of continuing worries about Greece. The eurozone economy is improving, and that should support some long-term help for the euro as well.
At 11:01 GMT EUR/USD is down to 1.1362 from the open at 1.1410. EUR/GBP is down to 0.7224 from the open at 0.7233. EUR/JPY is higher, gaining to 136.2000 from the open at 135.9780.
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