Easing concerns over the global banking crisis continued to support the risk currency to rise in the European session.
Meanwhile, safe-haven trading slipped lower, with the yen returning to losses following a surge recorded in the Asian session.
The safe-haven US dollar also declined, with the dollar index that measures the strength of the greenback trading lower around 102.55.
Also weakening the currency king is the expectation that the tightening cycle of the Federal Reserve (Fed) may be nearing its end.
Following the positive sentiment, the risk-sensitive currencies of the Aussie and New Zealand dollars continued to surge higher against the US dollar.
European currencies are also still maintaining strengthening momentum, seeing the euro climb to a price level of 1.0820 against the greenback.
The Euro seems unfazed by the warning from the Chairman of the European Banking Authority (EBA) that risks in the financial system are still very high and rate hikes will continue to weigh on the market.
Meanwhile, the pound traded not far from its 7-week high, after recording a sustained rise amid the weakness of the US dollar.
Bank of England (BOE) Governor Andrew Bailey will testify before the UK Treasury Select Committee on the collapse of Silicon Valley banks and the rescue of Silicon Valley Bank UK today.
Heading into the New York session, the market may be able to focus on the release of US consumer confidence data.
