With no significant European publications expected today, the Euro will attempt to hold onto gains made against the Yen and Dollar yesterday. Recent news regarding Greece's plan to combat its severe deficit problem caused the single currency to move upward against most of its counterparts yesterday. That being said, if predictions regarding the U.S. unemployment claims come true, the Euro will have a hard time maintaining its current bullish position.

With the British Manufacturing PMI set to be released at 08:30 GMT today, Sterling may have a volatile trading day today. Most analysts are predicting a positive figure for the upcoming report, which if true, could help boost the U.K. currency against the Dollar and Yen. On the other hand, with positive U.S. news forecasted today, any gains made by the Pound could be short lived.