Monday, 6 Dec 2010

EUR Falls Amid Irish Debt Worries

The euro tumbled against its main currency rivals today, ahead of a meeting of European finance ministers. Persistent concerns over Irish debt were the leading cause of the currency's fresh bearish trend. The EUR/USD had fallen some 160 pips earlier today, before staging a slight recovery. Currently the pair stands at the 1.3300 level. In addition, the euro has dropped over 100 pips against the yen today. The EUR/JPY pair currently stands just below the 110.00 level.

Tomorrow, euro traders will want to pay particular attention to the German Factory Orders figure, as well as to any news from the meeting of European Finance Ministers. In addition, it appears that the Canadian dollar may see a volatile day, as the BOC gets set to release its latest interest rate statement at 14:00 GMT. The CAD has seen mixed results over the last several days against its US counterpart. Any positive news from the BOC, may help the currency in the short term.