Economic Outlook for Eurozone Drags on the Euro

The economic outlook for the eurozone is dragging on the euro today, bringing it lower as concerns about what’s next for the 19-nation currency region continue.

According to a recent Bloomberg survey of economists, there isn’t much confidence that the eurozone’s economy will improve in the short term. This news comes following reports that economic growth slowed in the last quarter.

This slowdown was unexpected because Mario Draghi and the European Central Bank have been pumping money into the economy through quantitative easing. Even with the efforts to boost the economy, the eurozone continues to drag, bringing the euro down with it.

The recent news that more funding for Greece was approved isn’t helping much, either. Some see Greece (and other struggling countries) as problems for the eurozone. While it appears that officials are serious about doing what it takes to keep Greece in the eurozone, it’s unclear whether or not that is the best option for the currency region as a whole.

As a result of the uncertainty, the euro is lower against most of its major counterparts.

At 14:43 GMT EUR/USD is lower, falling to 1.1083 from the open at 1.1113. EUR/GBP is also lower, falling to 0.7099 from the open at 0.7104. EUR/JPY is down to 137.8440 from the open at 138.1300.

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