The euro, which has been one of the strongest currencies among major pairs this year, fell today before speculations suggested that a Group of 7 finance ministers meeting this week will approach the current euro strong valuation, raising concerns and damping demand for the Eurozone currency.
A drop in the euro price versus most of the 16 main traded currencies could be perceived today in markets before G-7 central bankers meeting in Sweden today is likely to discuss the current euro rates and eventually provide statements indicating that a strong European currency, at certain levels, may cause problems for the economic recovery in the region, causing traders to evade euro-priced positions opting for the U.S. dollar and higher-yielding options in the South Pacific region. The yen was one of the few currencies which was unable to gain versus the euro, as reports in South Korea shifted attractiveness out of Japan in the Asiatic region.
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