The Euro remains down overall ahead of a key EU economic summit today which will likely determine if and how a Greek bailout will be initiated. Greece, plagued by record high debts, is only one of the EU's problematic countries. Both Spain and Portugal are dealing with above average deficits, a fact that will likely continue to weigh down on the Euro. Furthermore, analysts are now saying that any EU bailout for Greece will likely only help the Euro in the short term.

Currently, the Euro is slightly up from the lows reached yesterday. EUR/USD is trading around the 1.3780 level and EUR/GBP is at 0.8812. Despite these modest gains, analysts do not forecast the Euro to remain up for long. With American unemployment figures forecasted to show an improved American economy, as well as the recent FED announcement regarding bank lending rates, USD will likely increase its gains against the Euro in trading today.