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Euro Looks for Direction After Data

May 1, 2014 at 13:45 by Miranda Marquit

Euro sign monument with ECB on backgroundThe euro is in a kind of currency market limbo right now, looking for direction after the latest economic data for the eurozone.

Eurozone leaders and ECB policymakers have expressed an interest in a weaker euro recently. The hope is that a weaker euro would help stimulate economic growth. Inflation and other measures of economic growth in the eurozone are lackluster, and a recovery depends on moves to goose the economy into growth.

However, even with the desire to weaken the euro, all the pieces might not be in place to make it happen, and the ECB has been dithering about what to do for months now. As a result, the euro has been somewhat strong against the US dollar, even though the preference would be for a little weakness, and the 18-nation currency has been down against a stronger pound.

For now, euro is likely to be a bit rangebound, moving between gains and losses, until matters break decisively one way or the other.

At 13:41 GMT EUR/USD is up to 1.3870 from the open at 1.3867, and off the session high of 1.3890. EUR/GBP is lower, down to 0.8215 from the open at 0.8219. EUR/JPY has gained ground, moving up to 141.9590 from the open at 141.7915.

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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