The euro struggled near a two-month low against the dollar today while traders awaited further selling cues from the Federal Reserve chairman's view on the US economy and several major corporate earnings.
The euro was already in a corrective mode on growing optimism about the US and global economy after the Fed's milder-than-expected rate decision in late June.
It was hit further after comments from German Chancellor Mr Gerhard Schroeder last week were taken to mean he wanted a weaker euro.
The euro was also under pressure against other European currencies such as the Swiss franc on media reports Germany's Lufthansa had made a firm takeover bid for Swiss International Air Lines.
The dollar was supported by firmness in US stocks, but overall trade was quiet ahead of this week's US retail sales and consumer prices data, as well as a series of major earning reports and Mr Greenspan's congressional testimony.
The Fed chief testifies before the House of Representatives' Financial Services Committee tomorrow and appears before the Senate Banking Committee on Wednesday.