Euro Slips Against the Dollar, But Remains Just Above 1.30
Euro is slipping a bit against the US dollar, heading a little lower, but the 17-nation currency continues to hold on to the 1.30 level. Selling pressure is building, though, as weak economic data and continued inaction from eurozone leaders weighs on the euro.
Concerns about what’s next for the eurozone continue to weigh on the overall performance of the euro, and add to future uncertainty. The latest economic news out of the eurozone, showing Construction Output, was disappointing, indicating that recession is still a very real possibility for the 17-nation currency zone.
On top of that, there are still issues with sovereign nations in the eurozone. A Greek judge just joined the austerity protests, and questions about whether or not Greece will meet its obligations and receive more bailout money are being raised again. On top of that, Spain still has not asked for aid from the ESM, and the issues plaguing Portugal haven’t even begun to be addressed.
As a result, the euro is slipping today. However, EUR/USD has managed to hold above 1.30. That may not last, though, if the current selling pressure continues to build.
At 14:20 GMT EUR/USD is down to 1.3022 from the upen at 1.3048. EUR/GBP is up to 0.8033 from the open at 0.8031. EUR/JPY is down to 102.2100 from the open at 102.8350.
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Earlier News About the Euro:
- Euro Pulls Back and Consolidates Before Heading Higher (2012-09-17)
- Euro at Four-Month High Following Fed QE Announcement (2012-09-14)
- Euro Hits a Wall as Uncertainty Returns (2012-09-13)
- Germany Approves Eurozone Bailout Fund, Lifting Euro (2012-09-12)
- Euro Surges on Expectations that Germany's High Court will Back the ESM (2012-09-11)