The US dollar saw an impressive rally into Friday’s close, bolstered by an encouraging outlook on US Federal Reserve policy and a flight to safety on worries over Greek debt troubles.

News that officials had devised an aid package for debt stricken Greece that would include voluntary private sector participation saw a reprieve to the heavy selling pressure the euro suffered earlier in the week.

The euro fell sharply on further turmoil for Greece and broader euro zone stability, failing to move higher on hawkish commentary from European Central Bank president Jean Claude Trichet and standing at risk of further declines.

The US dollar fell sharply across the board on a dismal week for fundamental data out of the world’s largest economy, highlighted by sharply worse-than-expected Nonfarm Payrolls data that sparked pronounced Greenback weakness.

The euro staged a key technical breakout against the US dollar, rallying despite continued fears over Greek fiscal solvency and threats to the euro zone.

The euro finished the week roughly unchanged against the US dollar, but late-week developments suggest risks remain to the downside on heightened uncertainty surrounding Greece and broader fiscal crises.

The US dollar showed important signs of strong reversal against the euro and other major counterparts, taking honors of top G10 performer through the past week of trade.

The euro saw its sharpest two-day decline since the height of the financial crisis, highlighting a potential sentiment extreme as leveraged positions hit multi-year highs.

A dovish Federal Reserve and fresh multi-year highs in the Dow Jones Industrial Average sunk the US dollar to new lows against the euro and other key counterparts.

Continued US dollar weakness pushed the euro/US dollar pair higher for the third week in four, leaving the single currency just short of the 1.50 mark in what promises to be an exciting week of trading.