The euro remained lower following a drop at the end of last week before a report today that may show German business confidence fell to a two-year low, adding to evidence Europeâ€™s debt crisis is hurting its economies.
The 17-nation currency also maintained a decline versus the majority of its 16 peers before German Finance Minister Wolfgang Schaeuble meets his French counterpart today to discuss Greek budget targets. Demand for the dollar was limited before Federal Reserve Bank of Chicago President Charles Evans speaks today amid speculation the U.S. central bank will expand monetary easing that may debase the currency.
â€œWe can see fundamentals deteriorating in the euro region,â€ said Kengo Suzuki, a currency strategist in Tokyo at Mizuho Securities Co., a unit of Japanâ€™s third-largest bank by market value. â€œThe euro is in a long-term downtrend.â€
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.