The market was reluctant to push the euro above $1.2150 and we've seen it slowly come down from there during European trading.
Structural nervousness creeps into the market from time to time but interest rates still favor the dollar.
The more hawkish rhetoric we've had from the ECB and talk of the next move in interest rates being up is protecting the euro a little. The problem the market has is that it's tougher talk, but action is still some way away.
The interesting aspect of the market reaction to the generally strong data released today is that the upside surprises have failed to provide any upward impetus to the dollar.
The language from the ECB suggests they are not promising to do anything but they are not promising not to do anything either. The market will seize on anything that suggests a greater chance of a December rate hike.
If the BOJ can deliver an exit strategy without creating undue political friction, it could be the catalyst for some associated recovery in the yen, a move that will only be amplified, the more stretched the speculative market allows itself to become.