Against the Yen, the EUR dropped in early morning trading, and is currently priced at 129.92. With most investors flocking to the safe haven currencies such as the Dollar and Yen, the EUR/JPY pair may decrease further today.
With no major news events regarding the Euro scheduled for today, traders will have to look to other sources to determine which way the troubled currency is headed. The U.S. unemployment figures are one indicator. If the figures come in as expected and investors are encouraged by America's pace of recovery, the Euro will likely drop further in afternoon trading. On the other hand, the Euro does stand to make gains if the figures come in at above the forecasted number.