The euro extended its bearish trend against virtually all of its main currency rivals during yesterday's trading session, as investor fears regarding Spanish debt led to risk aversion in the marketplace. Turning to today, traders will want to pay attention to a batch of news out of both the US and euro-zone. Specifically, the German ZEW Economic Sentiment and US Building Permits figures, scheduled for 9:00 and 12:30 GMT respectively, are expected to generate volatility. Positive German news may help the euro recoup some of its recent losses.

Summary

USD - Dollar Continues to Fall against Safe-Haven Currencies

EUR - Spanish Debt Worries Send EUR to New Lows

JPY - Yen Sees Major Gains vs. EUR, USD

Crude Oil - Oil Continues to Fall amid Risk Aversion in the Markets

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Despite the small gains made by the euro in trading yesterday, analysts are quick to warn that the common currency still has room to fall if negative news continues to be released from the euro-zone. While there is a light news day today, traders will still want to watch out for any developments from the meetings between France and Germany which could affect euro pairs.

Summary

USD - USD Takes Slight Losses but Remains Bullish Overall

EUR - European Debt Keeps EUR Bearish

AUD - Aussie Sees Slight Gains despite Risk Aversion

Crude Oil - Oil Steadily Declines Following Last Week's Highs

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