The European currency has fallen to a fresh low against the dollar on new fears on German bonds. The Euro fell to about $1.21, down from a low of more than $1.60 in 2008. The Euro might have fallen even further if Greece's contagion hadn't been contained. If another nation falls into bankruptcy, it might crash the currency. Some good news:
The dollar is up almost 11% against the euro over the month, as the shared currency has taken a hit on debt concerns.
And I think that the Euro falling is also cutting the price of oil indirectly. So it's pretty good news all around.