The Euro dropped against the U.S Dollar and the Japanese Yen today, as a stream of data showed that the global economy will continue to suffer, which kept strong demand for unwinding risky trades, as oppose to low-yielding currencies.

Wobbly European stock market transactions kept risk aversion high, following a decline in U.S. and Asian stocks on the news that Citigroup, one of the largest financial institutions in the world, will lay off about 15% of its staff.  Furthermore, struggling U.S. automakers have been lobbying for government loans.

Stock markets all over the world have been affected by the concerns that the scope and the depth of the global recession will be extensive. According to analysts, investors have now accepted the possibility that the current economic problems will not be fixed any time soon.

By 08:54 GMT today, the Euro fell by roughly 0.4% against the U.S. Dollar to $1.2600, retreating from a high of $1.2664.  The Euro also fell to 121.44 Yen, a .4% loss, against the Japanese Yen.  The U.S. Dollar changed slightly to 96.40 Japanese Yen.  The Pound Sterling was up by 0.2% against the U.S. Dollar to $1.5042.