The Euro zone debt crisis continues to fester. This week has seen further mixed headlines. Spain has been cut some slack in terms of the time frame required to get its deficit under control, and in return it has announced some further austerity plans aimed at reducing the deficit. This has appeased the markets somewhat. The intense discussion around the broader policy changes needing to be implemented by the region “as a whole”, continues. There is no current sign a resolution is any closer, than at any point recently. As such, the Euro zone has added a negative tone this week to sentiment in the markets, rather than a positive one. EURUSD has now been steadily on the slide for the month of July.