The euro had gradually traded higher working through offers between 1.3520-40, reaching 1.3543, but not yet challenging 1.3550 which has been the top since the first of the month.
Although the last central bank move was the 25 basis point ECB rate cut, with major EMU economies aside from Germany weak, there is credible expectation for further easing on the continent. Janet Yellen's testimony before Congress seemed to move any reduction in the Fed's $85 billion a month in economic support well into the second half of the year. That more than anything else is causing the overall dollar weakness.
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