The 16-nation European currency appeared to be on the downside in recent trading after statements from a number of central bankers called for a strengthening of the US Dollar. Interest rates do not appear to be getting raised by many banks in the nearest future, and this news has helped keep downward pressure on the European currencies while bankers strive to boost economic growth.

The EUR weakened as far as 1.4807 against the greenback, while also dropping below 132.50 against the Yen. This latest weakness may simply be highlighting the return of risk aversion in the market following last week's drop in consumer confidence and major trade balances.

Britain's Monetary Policy Committee (MPC) is due to release the Minutes from their recent policy meetings later this morning. Results are expected to show little change from Mervyn King's statements a week ago regarding steady interest rates and the option for further bond purchases remaining open. Britain's central bankers have hinted that their economy is not growing as they would like, and measures are being left on the table to combat any additional weakness.

As for other reports today, European Central Bank (ECB) president Jean-Claude Trichet is set to speak at a relatively less significant meeting on insurance and occupational pensions in Frankfurt. While it should not be a volatility-creating event, the possibility remains open for some movement following his statements.