Analysts and traders have been expecting the euro to drop for quite some time now. Forecasts for a lower euro have not been met, as the 19-nation currency continues to show resiliency. Today, though, the euro finally appears to be showing signs of weakness.
Euro is heading lower today against its major counterparts as better news and other economies help other currencies. European leaders have been trying to figure out how to stimulate the euro zone economy, and that should have been leading to weakness in recent weeks. However, the euro has shown surprising resiliency.
Expectations for the euro to be much weaker against the dollar by this time have not been met. Additionally, weakness in the United Kingdom has kept the sterling down against its European counterpart. Now things appear to be changing.
The United States economy continues to improve, even though the pace is slow. The latest retail sales data out of the United Kingdom is helping the pound regain the upper hand. For now, it appears that there is some euro weakness, even though the currency has a way to go before it reaches expected losses.
At 15:06 GMT EUR/USD is down to 1.1157 from the open at 1.1183. EUR/GBP is down to 0.7894 from the open at 0.7921. EUR/JPY is down to 125.5970 from the open at 125.6750.
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