The Euro continues to weaken against the major currencies. The Euro dropped against the Dollar, the Pound and the Yen during yesterday's trading. The Euro is currently trading near a 9-month low against the Dollar.
The Euro dropped further vs. the major currencies mostly due to market concerns over Greek debt. For the time being, the European leadership refuses to expose their rescue plan for the Greek economy. This keeps a high level of uncertainty in the market regarding the Euro-Zone economic recovery. The lack of progress by the Euro-Zone's leadership during the last 2 weeks is turning investors to look for safer investments, and by so to weaken the Euro. It currently seems that the Greek deficit crisis has potential to weaken the Euro further, especially against the Dollar and the Yen.
As for today, the German ZEW Economic Sentiment report is expected at 10:00. This is a survey of German institutional investors and analysts who are asked to rate the German economic outlook for the next 6 months. Analysts forecast that the German Economic Sentiment dropped from 47.2 in January to 42.5. Such a decline in German economic optimism could extend the Euro's bearish trend. Traders should also follow the European ZEW Economic Sentiment, which is scheduled for the same time, yet tends to have less impact on the market.