The Euro dropped below the psychologically significant 1.4000 mark yesterday against the U.S. Dollar. This was largely due to rumors that U.S. interest rates may be increased in the near future, combined with continuing concerns regarding Greek debt. Investors shied away from riskier currencies as it became apparent that European interest rates will likely remain at their record lows for some time.

Today, any movement among Euro pairs will likely be a result of Dollar news. The only potentially significant European news event today is the German unemployment change report set to be released at 08:55 GMT. Unemployment in Germany is forecasted to have risen over the last month, which if true, will likely weigh down on the already weak Euro.

Traders will want to pay attention to any news regarding Portugal's handling of their debt. Experts are saying that their current budget will not do enough to cut their deficit to a responsible level. If true, this would likely mean more bad news for the Euro in the forex market.