The EUR was at $1.3974 Thursday, up from $1.3894 in yesterday's opening. The EUR also gained against the Yen to close at 129.90 Yen, up from 129.41 Yen. The Pound climbed as much as 1.9% to $1.6380 against the Dollar, the biggest intraday gain since June 9th.

With a revival in risk appetite Thursday, the Dollar retreated sharply against the EUR and the Pound. China's intent to pursue its discussion about developing alternative reserve currencies to the Dollar put further pressure on the Dollar against the EUR. The Pound's extensive rise came after the Bank of England voted to keep its Interest Rate unchanged at 0.5%, and made no change to the scope of its asset purchase program, despite market expectations of expansion.

However, the EUR has been facing difficulties maintaining its gains versus the Dollar in the past few weeks. Despite a light news day from Britain and the Euro-Zone today, traders should follow the French Industrial Production release at 6:45 GMT and the British PPI Input at 8:30 GMT. Better than expected results may intensify the recent return to risk appetite.