The dollar relinquished overnight gains versus the majors in the New York session, slipping back toward 1.0020 versus the Loonie and drifting to 0.9280 against the Aussie. US equities were up marginally by afternoon trading, with both the Dow Jones and S&P 500 creeping up by 0.3%. Crude oil extended its slide back toward the $85-level. Risk-aversion was the theme for the session amid lingering uncertainties stemming from a lack of additional details on the Greece bail-out package, prompting traders to sell the euro overnight.

Weekly jobless claims was released earlier today, missing estimates for an improvement, instead climbing to 460k versus an upwardly revised 442k from the previous week. Rounding out the reports for the remainder of the week will be US wholesale inventories for February and Canada's March jobs report. Labor conditions in Canada are expected to improve with an increase of 25.0k jobs in March from 20.9k jobs added in February. The unemployment rate, however, is forecast to hold steady at 8.2%.

ECB Holds Steady

The ECB, as anticipated, held interest rates unchanged at 1.0% when it announced its policy decision on Thursday morning. In the subsequent press conference, ECB President Trichet downplayed the risk for Greece to default, quelling market fears and tempering the euro's overnight losses. He reinforced that default is not an issue for Greece' and stressed that financial markets have not fully digested all the information.

In the coming session, markets will look ahead to data from the Eurozone consisting of Germany's trade balance - which is forecast to increase to 11.0 billion euros and the Germany's current account balance, estimated to edge up to 6.5 billion euros.

EURUSD will encounter interim resistance at 1.3370, followed by 1.34 and 1.3440. Subsequent ceilings are eyed at 1.3465, backed by 1.35 and 1.3550. On the downside, support starts at 1.33, followed by 1.3280 and 1.3240. Additional floors will emerge at 1.32, followed by 1.3170 and 1.3130.