Last week was rough for the euro, thanks to the continued drama over Greece, and concerns about what’s next for the euro. This week, the 19-nation currency seems to be ready to start off on better footing and is eking out gains. However, some of those gains may be due mainly to profit taking as Forex traders look to benefit from recent runups by other currencies.
Euro is starting off the new week on a higher note, eking out a few gains against its major counterparts. After a tough time last week, the euro seems to be looking for a little more positivity. Gains, however, might be short-lived.
Some of the gains for the euro are due mainly to profit taking. With big gains seen last week for the euro’s rivals, some Forex traders are likely taking their profits and then re-setting. As a result, the euro is experiencing some gains.
European leaders are looking for solutions to the euro issues revealed for Greece. France’s President Francois Hollande suggests that the eurozone countries form their own tighter government — complete with a joint budget and parliament — in order to overcome the Greek crisis and prevent further issues.
At 1:51 GMT EUR/USD is up to 1.0833 from the open at 1.0832. EUR/GBP is up to 0.6964 from the open at 0.6941. EUR/JPY is up to 134.7180 from the open at 134.3250.
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