Adding to the long list of economic problems currently confronting the Euro-zone, Spain's long term credit rating was downgraded yesterday, causing the single currency to tumble against its major counterparts. In addition to the USD, the Euro has also fallen against the more volatile currencies like the Canadian Dollar and Aussie. In the last 24-hours, the single currency has fallen over 60-70 pips against both the CAD and AUD.

Today, traders will want to pay attention to several European news events likely to impact the marketplace. At 7:55 GMT, the German Unemployment Change is set to be released. As the leading Euro-zone economy, Germany plays a somewhat inflated role in how the Euro moves in the forex marketplace. Additionally, a speech from ECB President Trichet is set to take place at 11:30 GMT. Typically, a speech from the ECB President creates mild market volatility, but considering the events of yesterday, todays might take on added significance. Whether either of these news events will help the Euro recoup yesterday's losses is yet to be seen.