Euro reversed earlier gains due to the increased risk-adverse trading on news out of China and the ongoing concern surrounding the peripheral eurozone

• Risk aversion following reports from China offset news that German business sentiment has improved month-on-month, raising hopes that German economic growth is not stalling.
  
  
• In the afternoon, data showing that US consumer confidence is still on the rise provided further support for the greenback.
  
  
• The confidence survey reported a reading of 55.9, some way above the forecast level of 53.6, and a solid improvement from the previous month.
  
  
• In trading this morning the pair are holding relatively steady. The price currently is hovering some way below 1.41, with a possible move to the downside as investors await a statement on US policy due this evening.