EUR/USD Higher, Greek Panic Subsides

The euro is trading higher as Europe begins to wind down trading for the day. The panic selling in Asia has subsided. Last in, the EUR/USD pair was at 1.1262, up 0.0062. The Greek election has created more wild swings in the euro. German IFO overnight was better than expected. Chatter continues about the European Central Bank's quantitative easing, which should lend support to many economies in Europe. Longer term, it may not be enough to offset the demographic shifts over the next several years. Traders are expecting wide ranges for some time.