Euro Mostly Lower in Forex Trading
Euro is mostly lower in Forex trading today, pulling back as uncertainty — particularly about what’s next for embattled eurozone countries — weighs on the 17-nation currency.
Euro is heading lower as worries about what will happen in Greece and Spain once again take center stage. In Greece, there are still talks about austerity measures. Last week, an analysis showed that Greece was nowhere near its targets. Talks are continuing about whether or not some of the measures can be modified in order to allow Greece to still receive bailout funds.
The problem with Spain is that the country still hasn’t requested aid. Many expect that Prime Minister Mariano Rajoy will have to give in at some point and ask for bailout help. However, for now he has managed to put it off. There are concerns, though, that the longer Spain waits, the worse the situation will end up being.
Also weighing on risk appetite and contributing to a lower euro is the uncertainty over the possible eurozone recession. Concern about Hurricane Sandy off the East Coast of the United States isn’t helping matters, nor is the worry over the result of the US Presidential Election.
At 13:20 GMT EUR/USD is down to 1.2897 from the open at 1.2943. EUR/JPY is also lower, down to 79.6315 from the open at 79.6365. EUR/GBP is higher, up to 0.8044 from the open at 0.8040.
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Earlier News About the Euro:
- Euro Falls on Concerns about Greece, Spain, and Recession (2012-10-26)
- Risk Appetite, Pound Push Euro Higher (2012-10-25)
- Euro Drops on Economic News Out of Germany (2012-10-24)
- Euro Falls as Moody's Cuts Spanish Regions (2012-10-23)
- Euro Rallies as Rajoy's Party Wins Elections in Galicia (2012-10-22)