Euro is heading higher today, receiving some help from the latest German economic data. Industrial orders for March beat estimates, and that has provided some support for the 17-nation currency.
Germany, as the largest economy in the eurozone, has a great deal of influence over what happens with the euro on the Forex market. Germany tends to prop up the eurozone economy, and help the 17-nation currency. The news that German industrial orders rose 2.2 per cent in March — instead of falling 0.5 per cent as expected — is helping the euro.
Hopes that Germany could help move the eurozone out of recession are leading to gains for the euro against some of its counterparts. The sign that recovery could be coming could be a short-lived help for the euro, though.
There are still concerns about the rest of the eurozone, and Mario Draghi has said that the ECB will remain open to further rate cuts. Additionally, there is speculation that another bailout might be needed, this time for Slovenia. So, while the euro is getting help today, another day the 17-nation currency might struggle.
At 15:59 GMT EUR/USD is up to 1.3084 from the open at 1.3077. EUR/GBP is up to 0.8461 from the open at 0.8414. EUR/JPY is lower, dropping to 129.5140 from the open at 129.8890.
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