While the euro has reached a 12-week high versus the U.S. dollar, is has tumbled against some of its other main currency rivals over the last 24 hours. Recent news out of the E.U., has given investors the impression that the economic recovery in Europe is moving faster than in the United States.

EUR/USD subsequently reached above 1.3100 in trading yesterday. At the same time, EUR/JPY fell some 75 pips in overnight trading. EUR/CHF fell over 100 pips in the same period of time. It appears that with the exception of the dollar, risk aversion is still present in the marketplace.

Today, euro traders will want to keep an eye on the E.U. unemployment figure, set to be released at 09:00 GMT. While analysts are forecasting European unemployment to remain the same from last month, the slightest change could create volatility in the marketplace. A figure below 10% may generate some risk taking, and could lead to gains for the single currency. In addition, traders will want to watch out for the U.S. Advance GDP report. Should there be a drop in the U.S. GDP, expect EUR/USD to make an even starker jump than yesterday.