Euro is faltering a bit after the recent release of PMI data, but the 19-nation currency is still mostly higher right now. Concerns about the state of the eurozone recovery could undermine the euro in the coming days, however.
Right now, the euro is higher against most of its major counterparts. The euro has been seeing some strength, thanks to higher stocks in the Europe and the prospect of economic recovery, along with a solution to some of the issues plague Greece.
However, there are expectations that the euro could see some weakness again soon. Eurozone PMI readings have been disappointing today. Private sector business growth has come in weaker than expected, and numbers out of Germany and France, the two largest economies in the eurozone, were also disappointing.
There are some hopes that things will be squared away with Greece, but, even so, there is still the possibility that the country will leave the eurozone, and that is still in the back of many traders’ minds.
For now, the 19-nation currency is higher, but it might not last.
At 11:43 GMT EUR/USD is up to 1.0737 from the open at 1.0725. EUR/GBP is higher, moving up to 0.7158 from the open at 0.7133. EUR/JPY is up to 128.8380 from the open at 128.6070.
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