The US dollar had a tremendous intraweek rally, but ultimately the currency would finish the week with little progress towards a long-awaited bull trend revival.

An action-packed week left the euro at the highest level in almost a month after Greece successfully passed a new deficit-reduction plan.

Heading into the new trading week, the top concern is once again Greece. Europe's debt troubles are spreading beyond this particular spendthrift economy.

The increase in volatility and renewed appreciation for the greenback’s specific brand of safe haven appeal leverages the possibility for a bigger market shift developing going forward.

With its strong run into the end of this past week, it would seem that the US dollar is accelerating into an enduring bull trend.

The greatest threat is that the market is no longer placated by officials' standard assurances that all is okay and financial allies begrudgingly offering just enough support to buy a little time.

When all else is equal, the US dollar will fall. This is a direct fundamental link to current risk appetite trends where balanced markets encourage investors to seek out assets with higher return.

The US dollar backed off against most of its major counterparts last week having rallied decisively over the preceding 10 trading days.

If ever there were a good example of the equilibrium of risk-reward in the markets, it would be the euro.

There was plenty of data and US-based event risk this past week to suggest to the casual observer that the dollar was running on its own fundamental strength.