The Euro continues to push further into the loss category, now extending losses against the U.S. Dollar and striking a 9-year trough in European trade, as speculation increases that the European central bank will need to embark on a massive easing program in order to stave off deflation. The latest data from the Eurozone has reinforced investors' bearish views, with Germany industrial orders slumping in November 2014, both on a monthly and annualized basis; Germany is the Eurozone's largest and most productive economy, essentially driving the Eurozone's growth and weak performance are likely to negatively impact Euro sentiment.

As reported at 9:08 a.m. (GMT) in London, the EUR/USD was trading at $1.17915 on the EBS trading platform, a level for the pair not seen since December 2005. As a result of the Euro's decline, the U.S. Dollar Index hit a 9-year peak; the Index is used by investors as a measure of the U.S. Dollar's strength and which is comprised of several weighted currencies, including the Euro; the Index was last trading at 92.3750 .DXY, a gain of 0.53%.

Speculation Grows on Easing Prospects

The European Central Bank next meets on January 22nd to decide monetary policy for the Eurozone, given recently dismal inflation figure, which at 2% is the ECB's benchmark for growth, analysts believe that the ECB head, Mario Draghi, will be compelled to pull out all the stops in order to lift the Eurozone economy.