A big load of bad news came out of Europe today, adding to the Euro’s fall. Here’s a roundup of bad news in 5 countries. EUR/USD already dipped under 1.30. Where will it stop. Portugal – the next domino: The talks about Portugal needing urgent help intensified. Willem Buiter, Citigroup Inc.’s chief economist, says that we’re only at the tip of the iceberg: “Despite the recent drama, we believe we have only seen the opening act, with the rest of the plot still evolving,” Buiter wrote. “Accessing external sources of funds will not mark the end of Ireland’s troubles. The reason is that, in our view, the consolidated Irish sovereign and Irish domestic financial system is de facto insolvent.” This means “either the unsecured non-guaranteed creditors of the banks, and/or the creditors of the sovereign may eventually have to accept a restructuring.” Spain: Spanish bond yields made another jump, with ten-year note yield reaching 5.65% before relaxing. Spanish banks might face a credit crunch quite soon. Bloomberg reports that as the yield rises on Spanish government bonds, it will be very hard for Spanish banks to raise funds as they need to pay back money at the beginning of 2011. Italy: Italian yields reached 4.50%. Italy is the third largest economy in the Euro-zone. The government, led by Silvio Berlusconi has a big deficit. France: Europe’s second largest economy was rumored that it will get a credit downgrade. This rumor is now denied by French officials. Germany: German bunds aren’t immune – read here. All this sent the Euro tumbling down, even temporarily dipping under 1.30. See technical levels in the Euro dollar forecast. Update 14:45 GMT: EUR/USD is under 1.30 once again. 1.2920 next target. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next Saxo Bank Declared is NOT a Market Manipulator Yohay Elam 12 years A big load of bad news came out of Europe today, adding to the Euro's fall. Here's a roundup of bad news in 5 countries. EUR/USD already dipped under 1.30. Where will it stop. Portugal - the next domino: The talks about Portugal needing urgent help intensified. Willem Buiter, Citigroup Inc.'s chief economist, says that we're only at the tip of the iceberg: "Despite the recent drama, we believe we have only seen the opening act, with the rest of the plot still evolving," Buiter wrote. "Accessing external sources of funds will not mark the end of Ireland's troubles.… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.