After continually gaining against its primary rivals in trading over the past few days, the USD has apparently reversed course. Against the Euro, the greenback was on a healthy rise until reaching its peak at 1.3280, the pair rebounded towards 1.3355 at the end of New York trading. Against the British Pound, however, the behavior was much more erratic. The USD spent most of the day in decline against the Sterling, but has begun to pare losses by the middle of the Asian market hours. The pair currently sits at 1.5270.
The Euro was provided assistance earlier today when the European Central Bank (ECB) announced that interest rates would be held steady - as was expected - and that there was little fear of a sovereign default by Greece. Such a turn of events gave the 16-nation single currency a much needed boost against its primary rival, the US Dollar.
Heading into this week's conclusion, both the European and American economies will remain relatively silent, but Canada will be publishing moderately important data concerning employment. Most investors are expecting little change in the value of the major currency pairs, but due to today's Canadian economic releases, the CAD may experience a healthy dose of volatility.