EUR – Single Currency Sustains Momentum

The EUR has sustained its pace against the USD and it has done this even as economic data from Europe continues to turn in lackluster results. Even as some nations within the continent have been rocked by public sector strikes and raging debates about austerity measures and government budgets, the EUR continues to find backing and has now landed at its highest point in nearly a year. Greece, Portugal, and Ireland remain on the proverbial back burner, showing that the EUR continues to pick up steam on a dollar centric run that has been centered on the Fed’s policy. Trade Balance numbers will come from the E.U. today along with CPI data, but the crux of the picture will continue to be the shadow that is being cast from across the Atlantic. Until there is a shift in sentiment from a broad spectrum the EUR will likely find supporters.

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