Euro Gets Boost from Peace Prize, IMF Comments
Euro is getting a boost today, thanks to the return of risk appetite, as well as news regarding interesting developments in the eurozone. The 17-nation currency is up pretty much across the board against its major counterparts today.
Risk appetite has put in an appearance today, and that is helping high beta currencies like the euro. Even though gold prices are lower, euro is still finding some support on the currency market.
A lot of that support is coming from optimism about the eurozone’s future. IMF/World Bank meetings have produced some hope for embattled eurozone countries. Christine Lagarde is saying that she would support longer periods of time for meeting budget requirements, as well as looser austerity requirements. Perhaps these changes would encourage Spain’s Mariano Rajoy to decide to ask for help after all.
Another interesting tidbit is the fact that the Nobel Peace Prize has been awarded to the European Union. This recognition is helping the euro a little bit, and bringing more attention to the current efforts to keep the eurozone together.
At 13:38 GMT EUR/USD is up to 1.2978 from the open at 1.2930. EUR/GBP is higher as well, moving up to 0.8071 from the open at 0.8057. EUR/JPY is higher, moving up 101.7050 from the open at 101.2650.
If you have any questions, comments or opinions regarding the Euro, feel free to post them using the commentary form below.
Earlier News About the Euro:
- Could the Euro Be Threatened by Rajoy's Refusal to Ask for Aid? (2012-10-11)
- IMF Comments Weigh on Euro (2012-10-10)
- Euro Maintains Losses After Draghi's Speech (2012-10-09)
- Euro Stays Lower on IMF Projections (2012-10-09)
- Euro Rallies After Two Week of Losses, Can It Keep Gains? (2012-10-06)