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Euro Heads Higher, Even as Global Stocks Tumble

1:19 AM
Euro is heading higher today, even though global stocks are falling and there is some risk aversion entering the markets. Gold prices are on the rise, though, and that seems to be providing a bit of a boost to the 19-nation currency. Euro is getting some help today, thanks in large part to higher gold prices. Gold is moving higher, gaining more than $35 an ounce as global stocks plunge lower. There is a lot of uncertainty right now, and normally that would weigh on the euro, but the 19-nation currency seems to be holding its own, except against the yen. Also helping the euro is the fact
that Iran has announced that it wants its oil sales conducted in euros. Outstanding payments and new sales are supposed to be denominated in euros, according to Iran’s preferences. This is helping boost demand for euros, and sending the 19-nation currency a little higher against its major counterparts. This has been surprising to some Forex analysts, who are surprised at the euro’s recent success. Many had expected the euro to weaken, and it appears that the euro continues to show strength. The ECB might need to take steps if the stronger euro threatens the economic recovery. At 17:23 GMT EUR/USD is up to 1.1193 from the open at 1.1149. EUR/GBP is up to 0.7758 from the open at 0.7694. EUR/JPY is down to 129.1100 from the open at 130.2800. If you have any questions, comments or opinions regarding the Euro, feel free to post them using the commentary form below.
http://www.earnforex.com/news/2016/02/08/euro-heads-higher-even-as-global-stocks-tumble/

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