French government debt is a cause for concern but Fitch says the outlook is stable. Ireland is making credible efforts to fix its problems and Greece needs to pursue aggressive efforts to reduce its deficit, Fitch says.

Bank of Spain Governor Ordonez says the size of Spains fiscal deficit should not be under-estimated. Spain might have posted a record deficit in 2009, he says. The labor market must be urgently reformed and the deficit must be cut. Spain will return to gradual growth this year, Ordonez says.

EUR/USD is holding 1.4065 support and trades now at 1.4077.