In the middle of the day, calm is required on the currency market. Indeed, few investors are opening new positions, waiting for the new lower rate of the European Central Bank and the G20 summit to be held in London under the auspices of Gordon Brown.

In a quiet market, the euro benefited from a rebound in scholarships to display up front in the U.S. currency. However, the rebound of the euro were limited by concerns about economic prospects in the euro area. Echoing comments made last Friday by Minister of Finance, the rating agency Standard & Poor's has decided to lower the note of the sovereign debt of Ireland today.

To break the rut of the euro, the European Central Bank will lower its key rate to 1%, according to most analysts of the foreign exchange market. Such a decision would represent an unprecedented position of the institute since its inception in 1999.

Finally, the single European currency has also benefited from the woes of the United States. Indeed, the pressure is increasing on the U.S. automaker while rumors suggest that a bankruptcy of General Motors and Chrysler would be a scenario envisaged by the White House. Moreover, while the Paulson plan funds have been almost fully utilized, it would seem that the new U.S. Treasury Secretary is preparing public opinion for a new package of measures to assist financially in the U.S. banking sector.