Euro is fluctuating between gains and losses against the US dollar today in forex trading. The 17-nation European currency is looking for direction as forex traders prepare to close out positions as the year draws to a close.
The difficulty with the euro today is one that offers an interesting conundrum for Forex traders. On one hand, economic news in the United States has improved, and indications are that the economic superpower is on the road to recovery. Additionally, Italian debt costs have dropped (albeit not as much as some would like to see).
On the other hand, though, are concerns about the viability of the eurozone. Even though some measures have been adopted to help prevent another debt crisis from emerging in the future, little has been agreed upon in terms of solving immediate problems. And, of course, there is the issue of the rising balance sheet from the ECB. These issues make for a weaker euro.
Today, EUR/USD has been mostly rangebound, fluctuating between slight gains and slight losses. Euro is also down against the Japanese yen — as all the majors are today. However, the euro has been seeing success against the Great Britain pound.
At 18:17 GMT EUR/USD is slightly lower at 1.2938, down slightly from the open at 1.2940. EUR/GBP is higher at 0.8406, up from the open at 0.8371. EUR/JPY remains lower at 100.5460, down from the open at 100.8615.
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