Euro is getting a boost today on improved risk appetite. Even though the situation in the eurozone continues to be one of uncertainty and economic difficulty, the euro is gaining ground today.
Once again, general risk appetite is helping the euro, along with other high beta currencies. Even though the eurozone economic situation continues to show signs of deterioration, the 17-nation currency has the upper hand today.
For another month, the unemployment rose to a record high in the eurozone. Eurostat, from the European Commission, reported an unemployment rate of 11.6 per cent for the eurozone. Concerns about the economic situations in Greece and Spain are also high on the list of things to watch out for. Indeed, Greece expects its recession to worsen in 2013, and Spain continues to avoid asking for a bailout, even as various regions of the country continue to struggle.
Even so, the euro is gaining ground today. In general, risk appetite seems to have returned to the markets, and many are anticipating Wall Street’s re-opening in the United States, where markets have been closed for two days due to Hurricane Sandy.
At 13:21 GMT EUR/USD is up to 1.3005 from the open at 1.2964. EUR/GBP is up to 0.8070 from the open at 0.8062. EUR/JPY is up to 103.8050 from the open at 103.1815.
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