debt crisis

The next European country to cause concern for the eurozone -- and the world -- is Spain. Spanish leaders are putting together a budget that will be announced on Friday, amidst the protests of citizens who don't want austerity.

In response to the sovereign debt crisis, European leaders are drafting a set of tough new fiscal rules designed to ensure that what is happening in Greece doesn't happen again in the future to threaten the euro.

Euro continues to struggle in forex trading today as debt crisis concerns weigh on sentiment.

The euro is mostly flat against other majors today, with forex traders in holiday mode. Euro is very slightly down against the US dollar, and is very slightly up against the UK pound today.

The eurozone debt crisis appears to be spreading to other markets. Indeed, one of the fears was that the crisis would begin impacting wider markets. And, as eurozone leaders work to contain the problem in Europe, there isn't much done to contain the crisis elsewhere.

Euro is heading lower as area banks borrow more than expected from the European Central Bank. The ECB introduced a program to allow banks to take three-year loans in order to prevent a credit crunch for the region.

The US dollar is dropping today in currency trading on the FX market as traders find some optimism. Indeed, many traders are becoming more optimistic as jobless claims fall. The latest data indicates some improvement in the US economy, and that means that forex traders are looking for higher yields.

The Canadian dollar has moved lower in forex trading on the currency market today, falling for another day, and reaching a low not seen for five weeks against the U.S. dollar.

Euro is getting a bit of a near term boost as the European summit ends. However, even though the euro is getting some support in forex trading today, and risk appetite in general is making an appearance, it may not last.

Gold prices appear to be readying for a recovery today, heading higher and looking for support. With risk appetite returning, and the U.S. dollar lower in forex trading, it might be just the time for gold prices to seize an advantage.