The US Dollar continued rising yesterday against all of its major counterparts except the Japanese Yen amid a distinct downturn in the Euro and British Pound. The greenback is currently trading at 1.3580 versus the EUR from yesterday\'s start of 1.3525, and is rising back towards 89.40 yen from yesterday\'s drop towards 88.70. Gains similar to those against the EUR were also seen versus the Pound with the buck presently sitting at 1.5276.

Rumors of another possible downgrade of Greece by Standard & Poor\'s has convinced traders to sell the EUR in favor of higher yielding currencies like the Yen, as well as the EUR\'s traditional rival, the USD. But the Dollar\'s gains have become muted since Federal Reserve Board Chairman Ben Bernanke continued his testimony yesterday and reaffirmed keeping interest rates at record lows. While helping US stocks rise, the greenback has suffered a minor downturn.

Today\'s news is going to be moderate for the US Dollar, relative to its European counterparts. Later in the day we\'ll receive the US Preliminary GDP figures which are forecasted to show a decreasing speed of growth from 5.7% to 5.6%. The Existing Home Sales figures will also be released at 15:00 GMT and could potentially boost the USD with a small growth in housing sales.

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