Forex News

The euro started another week losing versus its main rivals as traders’ confidence towards investments in the region continued to fall, considering that no concrete solution was proposed to end the fiscal crisis affecting several countries using the single currency.

Apart from the usual budget crisis talk with which most of the forex traders are already used to, reports to be released this week from the main Eurozone trading partners are likely to boost attractiveness for these countries’ currencies, specially in the case of the U.S., which according to analysts will post positive durable good orders figures, as well as good real state data since the housing market recovers in North America. The yen has been also one of the currencies profiting from the euro’s decadence, as its refuge currency profile is attracting traders to invest in Japan.

Virtually all currencies, lower and higher-yielding ones are experiencing a better economic scenario than the Eurozone currently, which is maintaining the euro as one of the worst bets in forex markets for the time being. The U.K.’s pound is the single currency among the 6 most traded ones which still didn’t find grounds to beat the euro on the charts, as the Great Britain is also facing its very own budget crisis.

EUR/USD traded at 1.3607 as of 03:21 GMT from a previous intraday rate 1.3645. EUR/JPY tumbled to 123.76 from 125.12.

If you want to comment on the Euro’s recent action or have any questions regarding this currency, please, feel free to reply below.

Earlier News About the Euro:

• Euro to Plunge Deeper on Fiscal Crisis Consequences (2010-02-22)
• Another Euro Weekly Decline on EU's Fiscal Crisis (2010-02-19)
• Euro Advances as Greece Concerns Considered Excessive (2010-02-16)
• Euro Remains Bearish on EU-Greece Talks (2010-02-16)
• Euro Continues Bearish on Fiscal Crisis (2010-02-13)

This entry was posted on Tuesday, February 23rd, 2010 at 5:26 am and is filed under Euro. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.