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Well, the EUR wasn't the only one who took a beating today... The rest of the major currencies tumbled when the USD staged a strong rally. The EUR probably had it worse because Germany just reported a drop in consumer confidence, which hasn't seen a decline in fourteen months! The report showed that consumers felt confident that they'll see further improvements in their economy but they doubted whether these will trickle down to their own economic and financial condition. The actual figure was expected to climb from 4.2 to 4.5 but instead fell to 4.0. Plus, the EURUSD has been extremely oversold for a while so what we saw was probably a relief rally by the USD... but, who knows, maybe this could be an early sign of reversal too.
