The US dollar has been on the upside for the past several trading days. Against its primary rivals, the greenback has made modest growth. The EUR/USD pair has slid from its recent high of 1.2900 to currently trade just over 1.2600, and there doesn't seem much in the way of slowing this movement. Against the British pound, the dollar has made remarkable gains to push the pair back towards 1.5400 from recent highs around 1.5700.

A consensus seems to be forming that risk aversion is returning to the market. Despite the sporadic release of positive data in various parts of the world, the overall trend appears to indicate a slow-down in recovery and growth. This has led to an increase in fears about the potential for a speedy recovery, which in turn has fueled the mass flight away from riskier assets and into the safety of the US dollar and Japanese yen.

Today's news events from the United States are focused primarily on existing home sales and minor manufacturing data from the Richmond Federal Reserve office in Virginia; covering the District of Columbia, Maryland, North and South Carolina and the Virginias. Both of these figures are forecast to show a decline, which will likely feed the sentiment of risk aversion currently dominating trading, pushing the USD higher against its rivals.