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Euro Gets a Boost on Soft US Data

March 28, 2016 at 13:46 by Miranda Marquit

Various euro denominationsEuro is a little higher today, thanks in part to soft US data. Trading is a little thin today because of the Easter Monday holiday in Europe.

European markets are closed today because of the Easter Monday holiday, but Forex trading is still happening. Today, the euro is getting a little bit of a boost as US data comes in a little softer than expected.

Consumer spending in the United States only rose about 0.1% and inflation actually fell a little bit, thanks to lower gasoline prices. As a result, the euro is heading a little bit higher today.

The 19-nation currency is losing ground against the UK pound today. Soft data in the United Kingdom has been a problem for the sterling for some time now, but things seem to be turning around against the euro.

While the euro has shown some measure of weakness in recent days, most of the weakness seems to be short-lived. Until more policy divergence is seen in the form of higher rates for other currencies, euro is likely to remain relatively strong despite somewhat weak fundamentals.

At 13:38 GMT EUR/USD is up to 1.1199 from the open at 1.1168. EUR/GBP is heading lower, moving down to 0.7862 from the open at 0.7899. EUR/JPY is up to 126.8460 from the open at 126.3770.

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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