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Euro Mostly Rangebound as Forex Traders Consider Data

May 16, 2016 at 14:25 by Miranda Marquit

Multiple euro banknotes and coinsEuro is mostly rangebound today as Forex traders and analysts consider data and contemplate the week ahead. The 19-nation currency has been struggling lately, thanks in large part to forecast revisions and data improvements for the US dollar.

Last week, the euro traded within well-known ranges, and it appears that this week is off to a rangebound start for the 19-nation currency. Forex traders and analysts are considering the most recent batch of data, as well as looking ahead to the data releases expected in the coming week.

On Friday, the eurozone first quarter growth reading was revised down to 0.5 per cent from the initial estimate of 0.6 per cent. This doesn’t seem like much, but with concerns about the strain of refugees on the eurozone economy, and with worries over another problem with Greece, expectations for the euro are once again in doubt.

However, even with some of these setbacks, the euro is still mostly higher today. It may be trading in a range, but it is seeing gains against its major counterparts in Forex trading.

At 14:21 GMT EUR/USD is heading higher, moving up to 1.1337 from the open at 1.1311. EUR/GBP is also gaining ground, moving up to 0.7882 from the open at 0.7880. EUR/JPY is up to 123.17 from the open at 122.89.

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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