The euro started today’s trading session a lot lower versus its main peers. Traders did not have confidence in the European single currency earlier on, as traders were worried by comments made by German officials in connection to the state of the single currency itself. In addition, there is uncertainty over the upcoming speech by Mario Draghi with regards to the future of the Eurozone. With one country after another being infected with the debt crisis, it is no wonder there is so much concern.
The euro did suffer during the Asian trading session several hours go. It has started to gain some ground during European trading. The EUR/GBP cross has surged 0.05% to 84.27 pence. However, the EUR/USD pair is down at the moment by 0.03% at $1.3116. However, traders feel that there could be a comeback on the cards for the pair later on today. It needs to be taken into account that much will be dependent on data published from the leading economies.
One factor which will be highly important in determining the fate of the euro will be Draghi’s speech He is scheduled to address the main factors which are hurting both the region and the shared currency. Investors are already sitting on the edge of their seats, wondering which exact issues Draghi will discuss. This is why a number of investors are currently sitting on the sidelines until the speech commences. One thing is for sure: investors will be following the euro’s upward pattern this Monday morning.