The leader of European finance ministers, Jean-Claude Junker, said the euro's depreciation is concerning but does not need an intervention. Euro-area finance ministers will meet tomorrow in Brussels, where Germany is going to launch new measures to cut the deficit faster by imposing tougher penalties on countries that violate rules.

In the wake of the debt crisis in Europe and ineffectiveness of the policies introduced by European officials, the 16-nation currency fell to the lowest level since 2006 against the dollar. However, the euro rebounded yesterday and showing slight advance today as it is currently trading at 1.2424 after reaching a low of 1.2320 and a high of 1.2436.