After seeing moderate gains in trading yesterday, the Euro has reversed courses and fallen once again versus the safe haven currencies. After reaching as high as 110.30 yesterday, EUR/JPY has since dropped over 100 pips to its current level of 109.20. EUR/USD also fell almost 100 pips from yesterday's highs, and the 16-nation currency has also taken significant losses against both the British Pound and Swiss Franc.
Today, Euro-zone investors are eagerly awaiting any news from a meeting of the European Central Bank. The official purpose of the meeting is to set the Minimum Bid Rate for the Euro-zone. While no one is expecting the rate to change from its current level of 1.00%, investors will be paying attention to any news regarding further assistance to some of the more financially troubled European nations. Should any positive news emerge, the Euro could see some gains in late day trading.