The European Central Bank has taken another small step in unwinding the stimulus by upping collateral standards.

Through the coming weeks and months, there is little doubt that risk appetite will define the dollar's future.

While risk appetite is always important to monitor regardless of what asset you are trading, the euro may still find volatility or alter its position on the risk spectrum through its own event risk.

What little strength the dollar seems to find during the trading week seems to ultimately be swept away by the financial markets' primary fundamental driver -- sentiment.

What is the most influential driver behind the Japanese yen? The same underlying current for all capital markets: risk appetite.

Few would argue at this point that the dollar's bearings are being dictated by investor sentiment.

There are more than a few concerns for fundamental euro traders in the days ahead.

The Japanese yen was the biggest mover and gainer amongst the majors this past week by a long shot.

We may see a shift in sentiment that could benefit the dollar's safe haven status.

Momentum must be called into question with EUR/USD extending yet another leg of its six-month advance.