The US Dollar continued its week-long climb against the EUR, reaching a high of 1.3357 as of this morning's early trading hours. Against other currencies the greenback appears to be showing mixed results. The USD/JPY pair ended the day lower, with a price near 92.75. Versus the Canadian Dollar, the USD has once again fallen beneath parity with its northerly neighbor, currently trading at 0.9997.
Despite optimistic sentiment in Europe, emanating from such figures as Tuesday's positive German ZEW Economic Sentiment reading, the 16-nation single currency persists in a sustained downward movement. This has helped the USD gain steadily despite underperforming against most other currency pairs.
With a series of news events coming out of Europe today, it is likely that we could see a turnaround in the 16-nation single currency's fortunes. This will only be the case should the figures provide a strong enough reason for believing that an economic recovery has fought its way through the latest string of events. Otherwise, the USD could likely continue its bullish run.