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Euro Finds Support in Forex Trading

April 18, 2016 at 14:33 by Miranda Marquit

Euro sign monumentEuro is finding support today, heading higher in Forex trading against many of its major counterparts. Euro is gaining ground as Brexit worries weigh on the sterling, and as a possible agreement with Greece helps optimism.

It’s been some time since many people thought about Greece, but the embattled country is back in the news. This time, it’s due to the fact that Greece might be close to reaching a deal with its creditors. Before Greece can get more financial help, it needs to come to an agreement with creditors. According to an EU official, an agreement might be only weeks away.

This news is helping the euro a little bit in currency trading. Also providing some support for the euro, even with risk aversion on the rise today, is gold. Gold prices are gaining, which is putting downward pressure on the dollar. Against the UK pound, euro is getting help on continued uncertainty about the possibility of a Brexit, and the impact that would have on the UK economy and on the sterling.

At 14:31 GMT EUR/USD is higher, moving up to 1.1305 from the open at 1.1303. EUR/GBP is also higher, moving up to 0.7962 from the open at 0.7961. EUR/JPY is up to 123.2130 from the open at 122.2800.

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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