Euro is slightly lower against the US dollar right now, but that doesn’t mean some sort of strength isn’t there. Indeed, with concerns about what crisis mongering will do to the US economy, some believe that the euro could act as a haven from the US dollar.
Euro is a little bit lower today in trading against most of its major counterparts. However, even though the 17-nation currency is losing ground a bit, there isn’t a lot of euro weakness to be seen. The losses — especially against the greenback — are fairly small, and the euro is looking to gain a little ground.
Part of the recent support for the euro has been due to concern over the US dollar. It’s hard to feel confident about the US dollar recently with politicians subscribing to crisis mongering. If there’s going to be an economic or default scare every three months in the United States, many are going to find it difficult to feel good about the greenback.
The result is that the euro is starting to look like a haven from the US dollar. Euro has been behaving almost like a haven recently, and if things continue to destabilize in the United States, it really will become a safe haven currency.
At 14:51 GMT EUR/USD is down to 1.3674 from the open at 1.3684. EUR/GBP is down to 0.8459 from the open at 0.8461. EUR/JPY is up to 134.2195 from the open at 133.9250.
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