We noted earlier that the euro had sunk below $1.22—an important benchmark value for the currency.

But it just keeps continuing to fall, now hitting new lows of $1.2172.

Rising European bond yields in the secondary market and a sinking value of the currency generally indicate increasing doubts about the European economy. However, a cheaper euro is ultimately better for struggling European economies like Italy and Spain, as labor and exports become cheaper, too.

That said, it's hard to believe right now that the Italian and Spanish economies will be able to pick up quickly enough to allow both countries to grow out of their problems in the current situation.

Here's a look at how the currency has performed so far today: