A recent flare-up of European debt concerns struck the 17-nation common currency yesterday, pushing the EUR lower against most of its currency counterparts in late-day trading. The EUR/USD dropped below the 1.3590 level while the EUR/GBP plummeted towards 0.8435 before paring its losses in today's early Asian session.
Concerns that the euro zone nations are not doing enough to tackle the debt woes plaguing the region has moved many traders to pull away from European assets and seek out relatively safer investments. The decline in currency value so far appears to be mild, but any additional negative data could drive the common currency to new lows if measures are not taken in the near future to boost consumer confidence.
The euro zone will be largely absent from the economic calendar today. One significant report out of the region concerning French preliminary non-farm payrolls could show muted growth in the French employment sector, adding a modicum of strength to investor confidence. This figure may not carry enough impact to change the EUR's fortunes significantly, but it may help stall any additional declines.