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Euro Lower on Profit Taking

January 28, 2013 at 16:01 by Miranda Marquit

Counting 50-euro billsEuro is a little lower today against the US dollar, thanks in large part to a round of profit taking from Forex traders anxious to lock in gains seen last week during the 17-nation currency’s spectacular rally.

Even though the euro is lower against the US dollar today, it is still near it’s 11-month high. Even with the profit taking the euro remains relatively strong against the greenback. Optimism about the eurozone, and the bank repayment to the ECB, is still supporting the euro.

Additionally, there is news that Latvia will meet the requirements to join the eurozone by 2014. Will the euro still going strong, there is ample support for the currency.

Euro is also doing quite well against the pound today. The British currency continues to struggle on the possibility of more easing from the Bank of England, which is a definite contrast with the European Central Bank’s reluctance to stimulate the eurozone economy right now. It is little surprise that, even while the euro loses some ground to the dollar, it is still in a position of relative strength overall.

At 13:58 GMT EUR/USD is a little lower at 1.3458, down from the open at 1.3467. EUR/GBP is up to 0.8565 from the open at 0.8544. EUR/JPY is a little lower at 122.0150, down from the open at 122.6150.

If you have any questions, comments or opinions regarding the Euro, feel free to post them using the commentary form below.

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