Euro Drops As US Dollar Dominates

The Euro took a dive in early trading on Wednesday after the US Dollar strengthened across the board.
The Dollar's strength comes on the back of minutes from the U.S. Federal Reserve's policy meeting that reduced expectations for further monetary stimulus.
Analysts now wait for the results of a Spanish bond auction and a European Central Bank press conference due to be held later today.
Earlier today the Dollar hit a week high, as much as 79.586, when compared with a basket of currencies. The Dollar had climbed on Tuesday when markets interpreted comments from the U.S. Federal Reserve as lessening the chances of more Fed monetary stimulus.
This was its highest level since March 26th, and was also well above a 1 month low of 78.664 touched on Tuesday.
This rise occurred after the release of the minutes of the Fed's March policy meeting, which had let down those hoping for a step toward further quantitative easing.
The release caused heavy selling in U.S. Treasuries and the 10-year yield jumped more than 11 basis points on the day to around 2.3%.