The broad US Dollar Index (DXY) is seeing a healthy bid across the markets, bolstered by a jump in US Treasury yields.
German 10-year Bund yields are also receding from 12-year highs above 2.80%, exacerbating the Euro's backslide.
Adding to the EUR's woes is a rate cycle logjam within the European Central Bank (ECB). Voting members of the ECB have reached a consensus that it's best to avoid any further rate hikes as the central bank waits for evidence that current rates are having the desired effect.