One euro currently equals 1.31 U.S. dollars, marking the lowest rate in almost a year.
The dollar has gained its highest value against the euro since July 2013. The European Central Bank has scheduled a policy meeting for Thursday. Previously, President Mario Draghi has stated that he would administer "all the available instruments" to fend off deflation during August's U.S. Federal Reserve Conference.
The dollar has made additional strides, including its 0.5% gain regarding sterling and 0.7% gain regarding the yen. London's Rabobank senior currency strategist Jane Foley described, "This (the euro's trough) is not just about the ECB. Part of this is a dollar story – the dollar has outperformed a whole bunch (of developed world currencies)", as reported by Reuters.