EUR Loses to USD & JPY, Gains on GBP

The euro declined today against the US dollar and the Japanese yen as concerns about the struggling European economy continued to hurt the currency. At the same time, the euro managed to gain on the Great Britain pound.

Wednesday’s economic data from Europe was mixed. Seasonally adjusted industrial production grew 0.6 percent in October from the previous month (both in the European Union and the eurozone). On the other hand, German wholesale prices fell 0.7 percent last month from a year ago.

Concerns about Europe’s economic health made investors prefer safer currencies, like the dollar and the yen, over the euro. But worsening outlook for growth in Great Britain allowed the shared 18-nation currency to outperform the weak sterling.

EUR/USD dropped from 1.2473 to 1.2428 as of 23:49 GMT today. EUR/JPY sank from 144.40 to 143.62 following the rally to 144.69 — the strongest rate since January 2. Meanwhile, EUR/GBP climbed from 0.7833 to 0.7881, bouncing from the daily low of 0.7801.

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