Manufacturing Data, Draghi Comments Lift Euro

Euro is heading higher today, enjoying a rally as the latest news out of the eurozone supports the 19-nation currency. Manufacturing data and the latest comments from ECB President Mario Draghi are providing support.

Euro is getting a little help today from the latest economic data out of the eurozone. According to Markit Economics, a Purchasing Managers’ Index rose from 52.0 to 52.3 in October. This improvement was unexpected, and is helping the euro in Forex trading against its major counterparts.

Germany led the good news, while other countries in the eurozone also saw improvement. Only Greece is lagging.

Also helping the 19-nation currency today is the fact that ECB President Mario Draghi seems to be tempering earlier comments about stimulus. He now says that he isn’t sure that so much stimulus is needed and that policymakers should go steady. Many analysts still expect some amendment to the stimulus program after the ECB meeting scheduled for December 3.

For now, all of this is pointing to better performance for the euro as Forex traders looking to extend the rally.

At 15:05 GMT EUR/USD is up to 1.1042 from the open at 1.1041. EUR/GBP is up to 0.7148 from the open at 0.7146. EUR/JPY is up to 133.1350 from the open at 132.8600.

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