Euro Declines Continue To Dog The Market

The euro continued its downward spiral today despite the concerns that the moves, taken by the EU leaders to curb the debt crisis, will have an ill effect on the region’s economic growth and recovery and may even lead to the dissolving of the Euro-zone.

Jean-Claude Trichet, the President of the European Central Bank, called for the ”quantum leap”, the reformation of the way the countries’ spending is controlled and the budgets are determined:

” There is a need for a quantum leap in the governance of the euro area. There need to be major improvements to prevent bad behavior, to ensure effective implementation of the recommendations made by peers and ensure real and effective sanctions in the case of breaches.”

EUR/USD traded at 1.2315 as of 9:24 GMT today after opening at 1.2348. EUR/JPY traded at about 113.84 down from its opening price of 114.01.

If you have any comments on the Euro’s volatile action or have any concerns regarding this currency, please, feel free to leave a comment below.