Euro is struggling today against major currencies, but not as much as many thought it would be. Even though the Fed’s rate hike yesterday weighed on the 19-nation currency, it’s not the rout many expected.
The euro is the currency used by institutions of the European Union and 17 of 27 nations of the Union, which is collectively called the eurozone. The currency is also often used in some other countries, including those that are situated near the borders of the eurozone. The currency was officially adopted in 1995, introduced in financial markets in 1999, while coins and banknotes were released in 2001. It is the second popular reserve currency after the US dollar.
Euro News Archive
Euro continues to gain ground today, heading higher against other major currencies. Euro is improving, and some forecasters have revised their expectations for next year’s performance.
Euro is pulling back a bit today, consolidating after recent gains. The 19-nation currency has been seeing better performance since last week’s policy announcement from the ECB, and today it appears that it’s time for a bit of a break.
The euro fell against the US dollar and the Japanese yen today but gained versus the Great Britain pound. Forex traders continued to digest events of the previous week and speculate about the future of the currency.
The major event during the past trading week was the monetary policy decision of the European Central Bank. It overshadowed even the very important US non-farm payrolls, sending the euro higher. The shared 19-nation currency jumped more than 2 percent against its major peers over the week.
Many Forex traders and analysts were expecting a dramatic easing announcement from the ECB today. Instead, the announcement avoided an exotic measures and, rather than weakening the euro, sent the 19-nation currency surging against its counterparts.
Euro is higher today, gaining ground after the latest round of economic data, and as Forex traders start to doubt whether or not the ECB really will ease enough to keep the euro down.
During the past trading week, the euro was down against the US dollar and the Japanese yen, mostly flat versus the commodity currencies, but managed to gain on the Great Britain pound and the Swiss franc.
The euro fell against the US dollar and the Japanese yen and erased its earlier gains versus the Great Britain pound during the Thursday’s quiet trading session as speculations about monetary stimulus from the European Central Bank continue to undermine the currency’s strength.
The euro slumped on Wednesday and retained its losses during the early Thursday’s trading session, staying near the lowest level since April versus the US dollar. The currency suffered from the outlook for monetary easing from the European Central Bank and risk aversion on the Forex market.