Euro is pulling back against some of its major counterparts today. After yesterday’s surge, some Forex traders are taking profits, while others wait to see if the global instability subsides.
Yesterday, global market instability boosted the euro as money flows changed direction. Euro made big gains, especially against the US dollar. Today, things are settling down a little bit and the euro is losing some ground against some of its major counterparts. Forex traders are taking profits, and some are re-positioning for what could be next.
There is some bullishness for the euro long term, even with recent events. The Federal Reserve might not increase interest rates for the greenback until early next year, and stability in the eurozone seems to be helping the 19-nation currency as well. However, the issues with Greece are far from over. There is still a strong anti-euro contingent in the country, and the actual implementation of policies agreed to ahead of another bailout is still in doubt.
At 13:25 GMT EUR/USD is moving lower, dramatically dropping to 1.1469 from the open at 1.1619. EUR/GBP is also lower, heading down to 0.7264 from the earlier open at 0.7364. EUR/JPY is still moving higher, though, gaining to 137.6620 from the open at 137.5560.
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