Euro Moves Higher in Forex Trading

The euro is moving higher in forex trading today as economic data coming out of the 16-nation euro zone strikes a more positive tone. One of the biggest helpers for the euro today in forex trading is German retail sales, which have improved. GFT's Boris Schlossberg reports in FX360 on the economic data helping the euro in forex trading:

In Germany retail sales improved for the third month in a row rising 0.4% vs. 0.0% expected and helped to rally the EUR/USD towards the 1.4100 figure at the start of the European open. The data from the region continues to show slow but steady improvement and for the time being remains supportive of the recovery trade, but analysts remain cautious about the second half of the year given the continued rise in German unemployment.

Positive economic data out of China is also helping. With continuing signs that the global recession may be coming to an end, the euro is gaining support in forex trading -- especially against low-yielding safe haven currencies like the yen, franc and dollar.