Hawkish comments from the European Central Bank yesterday continued to boost the euro against the US dollar during the Asian trading session. The EUR/USD is once again trading above the 1.3700 level, up from 1.3650 early last night.

While the euro has moved up against the dollar, it has remained largely bearish against the Swiss franc. Investors worried about the current state of the global economic recovery have turned to the CHF as of late, enhancing the currency's safe haven appeal. The EUR/CHF dropped well over 100 pips yesterday before staging a slight upward correction. Currently the pair is trading right around the 1.2830 level.

Today, EUR traders will want to pay attention to a speech from ECB President Trichet scheduled to take place at 17:00 GMT. Any comments from Trichet regarding a future euro-zone interest rate hike may cause investors to shift their assets toward riskier currencies and boost the euro as a result.