Euro is down pretty much across the board today, heading lower as regional economic data drags on the 17-nation currency.
The slide for the eurozone appears to be accelerating, raising concerns about recession, even as countries on the periphery continue to struggle. Markit Economics reports that PMI dropped to 46.5 in March, as opposed to the 47.5 number from February. The news indicates that the rate of decline is on the rise.
On top of that, there are still concerns about the eurozone’s shrinking GDP. The Cyprus drama hasn’t helped matters, either. The ECB signalled flexibility, but that just means that eurozone leaders are bending on their demands for fiscal reform, and trying anything to save the euro as it is.
However, this approach isn’t helping the euro right now, with the 17-nation currency struggling as Forex traders wonder what’s next. There are a number of hurdles still to clear, and the Cyprus scare solidified some of the worries about what’s next for the countries in the periphery — as well as created concerns about whether or not enough troubles could pull down the rest of the eurozone.
At 15:28 GMT EUR/USD is down to 1.2908 from the open at 1.2945. EUR/GBP is down to 0.8514 from the open at 0.8570. EUR/JPY is down to 122.8115 from the open at 124.2880.
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