The US dollar is still seen to continue its strengthening pattern until trading in the New York session yesterday, which is supported by the release of encouraging economic data from the United States (US).
US retail sales data was excellent in September with the monthly reading rising to 0.4% beating forecasts of 0.3% while the core reading jumped to 0.5%.
US jobless claims met forecasts for a figure of 241,000 and the Philadelphia Fed manufacturing index also excelled at 10.3 points.
But before the data is published, the focus is first on the decision of the European central bank's policy meeting for the latest interest rates.
The European Central Bank (ECB) met the forecast by lowering the main refinancing rate by 25 basis points to 3.40%.
This follows a 60 basis point cut at last November's meeting and investors have seen the Euro currency in yesterday's New York session continue its fall in value.
ECB President Christine Lagarde's follow-up speech gave no indication of further steps but markets expect interest rate cuts to continue in December.
The focus today (Friday) will be on China's economic data in the Asian session before in the European session investors will pay attention to UK retail sales data.
The Pound will react to the published data by either extending the fall after Wednesday's inflation data, or vice versa.
Although the US dollar remains hovering at an 11-week high, investors will be on the lookout for any potential breakout at the close of this week's trade.
