After a series of European economic indicators came in below expectations yesterday, the EUR saw losses across the board. The EUR/GBP dropped over 80 pips before leveling out in overnight trading. EUR/JPY dropped from 124.45 yesterday, to its current level 122.25.
Investors have yet to show much confidence in the Greek bailout plan, and following yesterday's disappointing news, all signs appear to be bearish for the ailing currency.
Today, traders will want to pay attention to the Industrial New Orders report, set to be released at 10:00 GMT. The report is a leading indicator of production, and could provide a clear look at the current state of the Euro-Zone economies.
The Euro is not forecasted to break out of its current slump today. With most analysts predicting a decrease in European industrial production from last month, the single currency will have a hard time attracting any risk taking among investors.