Euro Rebounds Against Major Counterparts

Euro is rebounding against its major counterparts today, heading higher after last week’s debacle. Thanks to some comments by a member of the ECB Governing Council, the euro is seeing some strength today. It may not last, however.

Euro is heading higher today, gaining against its major counterparts. The gains come after a rough week in which the continued to hit new low after new low. Today, though, the 19-nation currency is heading higher.

Comments from Ignazio Visco, a member of the ECB Governing Council, are helping the euro. Visco is also the central bank governor in Italy. Visco expressed concern about the rapid decline of the euro, insisting that the euro weakened at a pace that has taken the ECB by surprise. The news that the euro is weakening faster than desired has many wondering if, perhaps, the ECB will soon tweak its money printing program. The euro is gaining as a result.

However, the gains aren’t likely to last too long. The issues plaguing the eurozone still remain, and the focus right now is shifting toward the US dollar and the Federal Reserve.

At 10:31 GMT EUR/USD is up to 1.0541 from the open at 1.0468. EUR/GBP is up to 0.7125 from the open at 0.7103. EUR/JPY is up to 127.9320 from the open at 127.0800.

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