Euro is struggling today against major currencies, but not as much as many thought it would be. Even though the Fed’s rate hike yesterday weighed on the 19-nation currency, it’s not the rout many expected.
Euro is mostly lower against major currencies today, but it’s not as low as many expected. In fact, today appears to be a day of assessment. Yesterday’s Federal Reserve decision sent the US dollar higher, but the move wasn’t dramatic.
Today, the euro is dropping, but not by a huge margin. In fact, the euro is still well above recent lows. The fact that ECB didn’t ease policy as much as expected is helping to buoy the 19-nation currency, and could spell trouble for economic recovery in the eurozone.
For the most part, Forex traders, analysts, and others are likely to use today as a time of assessment. There will be a lot of thought put into what it all means for the euro and the dollar, as well as speculation about how future rate hikes from the Fed could proceed.
At 14:50 GMT EUR/USD is down to 1.0841 from the open at 1.0918. EUR/GBP is down to 0.7265 from the open at 0.7275. EUR/JPY is also lower, dropping to 133.0210 from the open at 133.3490.
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