Euro lower in the forex market on concerns about Egypt

By johnniew - Posted on January 31st, 2011

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European markets opened this week in the red, with a lot of risk-aversion due to the uprising in Egypt affecting trade (especially the passage of oil) in the Suez Canal with concerns of even spreading to neighboring Arab countries.

EUR/USD is trading around 1.3650 on the European forex trading session.

Turmoil in Egypt, with Cairo, Alexandria and other cities going through their 6th day of social unrest, has increased risk aversion around the world. Forex traders are concerned about the exposure of other Mideast countries to what is happening in Egypt.

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