After three days of rallying, the euro is slipping as traders await moves from the ECB to support the 17-nation currency. Last week, Mario Draghi indicated that the ECB is ready to take some of the burden of Italy and Spain, but many are still waiting for something substantial.
For now, the euro is down almost across the board against other major currencies. Euro is struggling against the US dollar, as well as the UK pound and the Japanese yen. Losses have been somewhat limited, though. There is a great deal of expectation that the ECB will have to act if the euro is to be saved.
Also helping provide a measure of optimism in the markets is the better than expected data out of the United States and United Kingdom recently. There are hopes that the global economic recovery can pick up the pace.
However, even with the cautious optimism, the euro still has a ways to go. The next bit of bad news could sink the euro, and Forex traders are getting a little anxious for a suitable solution from the ECB and eurozone leaders.
At 13:28 GMT EUR/USD is down to 1.2336 from the open at 1.2399. EUR/GBP is lower at 0.7887, down from the open at 0.7937. EUR/JPY is down to 96.8085 from the open at 97.4650.
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