EUR/USD has been hovering around the 1.2400 level throughout today's trading session, a 3-week high for the pair. A series of U.S. economic indicators that came in below expectations, as well as fresh signs that Spanish deficits are not as bad as originally thought, were largely responsible for the Euro's gains. Meanwhile the greenback has fallen against most of its major currency rivals, including the British Pound and Yen. USD/JPY has fallen almost 40 pips since last night.

Traders can expect a slow second half of the day as we close out the week. With no significant news events scheduled today, low volatility is expected in the marketplace. Traders should watch out, as unpredictable price movements sometimes occur in these situations. USD/CAD may prove to be particularly vulnerable to these price movements as minor Canadian news is scheduled for 12:30 GMT.