Monday, February 21, 2011

Euro struggles on US

Today the US observes Presidents' Day with banks and government offices closed for business, along those same lines, Canada celebrates Family Day. Despite that the common currency is unable to break ground on a day with light trading. The EUR/USD opened the week at 1.3696 and drifted downwards to the 1.3660 area, where it's trading at the time of writing.

In terms of the euro versus the sterling, despite the opening gains that drove the pair upwards to 0.8444, daily high, late in the European session the pair spiked down to 0.8416 paring those gains.

Put against the Japanese Yen, the hegemonic currency managed to stay above the opening level at 113.90 during the Asian session, but the unrest in middle east seems to have favored the safe heaven character of the JPY, weighing on the pair down to 113.66, area where it trades at the time of writing.