Euro is adding more gains today, heading higher on the Forex market as eurozone officials continue to insist that Greece will remain. Additionally, an improving economic picture is helping the 19-nation currency.
Euro is mostly higher today, gaining ground as signs point to economic recovery. Last week, German economic data was better than expected, and ECB President Mario Draghi continues to show optimism. He addresses the European Parliament today regarding the eurozone economy.
However well the euro is doing right now, though, a cloud continues to hang over the eurozone. There are still a lot of questions about whether or not the new Greek government will accept austerity rules and remain part of the eurozone.
For now, euro is heading mostly higher on the strength of a slowly improving economy. Some analysts, though, think that the euro’s gains are likely to be short-lived. There is a lot of short-covering going on now, and long-term, the 19-nation currency might not do as well, especially if the United States continues to recover and policy divergence becomes more pronounced.
At 10:37 GMT EUR/USD is higher, moving up to 1.0871 from the open at 1.0841. EUR/GBP is also higher, gaining to 0.7287 from the open at 0.7240. EUR/JPY is up to 130.2670 from the open at 129.9600.
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