Euro is struggling against its major counterparts today as Forex traders wait for news out of the United States. Many are waiting to see what the Federal Reserve will announce about policy going forward, as well as weighing recent events in the eurozone.
After moving a bit higher against many of its counterparts, the euro is now struggling. Euro reached above 1.10 against the US dollar earlier in the session but has since pulled back. Euro is also heading a little lower against the UK pound.
While there have been some supporting factors for the euro, including improving economic data and hopes for Greece, most of the news remains bad. No matter what the Federal Reserve announces today, there is still likely to be a degree of policy divergence with the United States, with the divergence favoring the States. Additionally, even with hope about Greece, that country — and even Italy and Spain, which have remained sidelined for some months — continues to present uncertainties.
With that right now, there is little true long-term support for the euro, and it is unsurprising that it flounders.
At 10:33 GMT EUR/USD is up to 1.0999 from the open at 1.0982. EUR/GBP is down to 0.7163 from the open at 0.7164. EUR/JPY up to 131.2790 from the open at 130.5350.
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