Euro is in trouble and ended the week on a bad note. Forex traders were more interested in US dollars last week for its stability. Traders are concern and keeping in mind the risk aversion, they choose greenback for now.
Because of Spain in trouble for no jobs and shortage in budget with higher demand, Europe is facing the consequences. Not only this, fall in German Retail has also made impact on Euro.
The oil price had dropped to $108 per barrel, and also the gold prices are facing a downfall, this is leading to a weaker Euro. Fall in gold and oil is making Euro difficult to stand against dollar.
For the European Union Members an accord can be appointed by European leaders so that is can save one more sovereign crisis. This accord will help Europe for better political and financial relationships. Though UK and Czech Republic is ha not agreed for the accord yet. There is no confirmation of this accord just like the eurozone is not assured at this moment.
EUR/USD-(DOWN) 1.3204 (FROM) 1.3310
EUR/GBP-(DOWN) 0.8327 (FROM) 0.8342