While the euro was able to make moderate gains against the US dollar yesterday, the currency was virtually flat against the Japanese yen and British pound. Furthermore, against the Swiss franc the EUR saw a steep decline throughout the day.

Analysts attributed the euro's sluggish behavior to a combination of global events that are keeping investors away from riskier assets. Chief among these events is the prolonged doubt the euro zone will be able to effectively tackle its sovereign debt woes.

Today, a lack of significant news from the euro zone is unlikely to help draw investors back to the troubled currency. Still, traders will want to pay particular attention to the speech from the US Federal Reserve Board Chairman, Ben Bernanke. If he sounds a pessimistic note with regards to the US economic recovery, the dollar is likely to drop in value. This may give the euro an opportunity to extend its current bullish trend against the greenback.