Thursday, 2 December 2010

Euro Catches a Break in Forex Trading

Currency trading with EUR/USD

The euro is catching a break this morning in forex trading on the currency market. The last few days have been somewhat grueling for the euro, as it has been rather weak. Concerns about the state of the euro zone -- thanks to sovereign debt concerns -- have predominated.

Today, though, forex traders have something different to think about. Economic data has been pouring in from around the world, and the result is encouraging. High beta currencies from the pound to the Aussie are gaining along with the euro as the U.S. dollar drops.

With the U.S. dollar no longer needed as a safe haven, and with gains by metals to lend strength, EUR/USD is gaining rather handily in currency trading on the FX market. We will have to see how long this new found optimism lasts, however. More bad news could easily send the euro tumbling again.

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