Euro is falling once again, thanks to concerns with global growth. Economic weakness in the eurozone, as well as another downgrade for Spain, are weighing on the euro. It’s not helping, either, that growth in the rest of the world is rather toned down as well.

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Earlier, US dollar was higher against its major counterparts, gaining as Forex traders looked for safe haven as growth worries persisted. Now, though, the greenback is heading a little bit lower as a bit of optimism peeks through.

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Today, Spain’s woes are in focus, and that is sending the euro lower. EUR/USD is below the 1.2500 mark, and possibly heading even lower, thanks to concerns about Spain, as well as uncertainty about Greece and uncertainty about how the Irish will vote tomorrow when it comes to the European Union’s fiscal treaty.

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US dollar is moving lower right now, thanks to improved risk appetite. Most of that risk appetite is coming from enthusiasm over better data in the United States. Improvements to the US economy are helping high beta currencies, even after continued disappointment in Europe and China.

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Eurozone growth has been sluggish, verging on recession, and that is impacting the ability of member states to handle their sovereign debt. One of the options being floated as part of a package is a eurobond.

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