Euro Rangebound in Forex Trading

Euro is mostly rangebound today, making small gains against the US dollar, after a Dutch bond auction proved reasonably successful.

The euro has been struggling lately due to concerns about the political stability of eurozone countries, as well as continued worries about Spain.

Earlier, a bond auction in the Netherlands was deemed a success. There had been some questions about the bond auction, since the resignation of Prime Minister Mark Rutte and the collapse of the Dutch government. With politicians unable to agree on budgetary measures, the government is at an impasse and an early general election looks like it will be called.

The bond auction out of the Netherlands, though, is steadying the euro somewhat in Forex trading. It appears that the Netherlands is likely to maintain its AAA rating — one of the few eurozone countries that still has such a rating. However, the euro is far from out of the woods.

Concerns about Spain, as well as worries about other countries with sovereign debt problems, are still extent. And, of course, there is uncertainty in France, where Nicolas Sarkozy appears to be losing the presidential race.

At 13:07 GMT EUR/USD has started to break higher at 1.3166, up from the open at 1.3157. EUR/JPY is lower at 106.7410, down from the open at 106.8145. EUR/GBP remains at the same level as the open, at 0.81


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