The US dollar slipped against the EUR and CHF Wednesday, erasing some early morning gains after encouraging European data sent traders into riskier, higher-yielding assets. By yesterday's close, the greenback had fallen against the EUR, pushing the oft-traded currency pair to 1.3750. The dollar experienced similar behavior against the Swiss franc, closing at the 0.9900 price level.

Existing home sales in the US rose by 5.36M last month, slightly higher than the consensus forecast of a 5.27M increase.

The economic reports from Tuesday also bolstered US Treasury yields, but weren't enough to get active market participants to continue buying dollars. Instead, traders saw the upbeat news as a reason to search out riskier assets. American stocks and crude oil were among the biggest beneficiaries of this increased risk demand.

Looking ahead to today, the most important economic indicators scheduled to be released from the US are the Core Durable Goods Orders report at 13:30 GMT. Traders will be paying close attention to today's announcement as a stronger than expected result may continue to boost risk appetite in the short-term.