Dollar pushes higher vs. rivals ahead of U.S. data

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The U.S. dollar was pushed higher against the other major currencies on Wednesday, ahead of the release of U.S. economic data, as concerns over Greece's ability to handle its new debt target and U.S. fiscal policy decisions continued to dominate.
During European afternoon trade, the dollar was higher against the euro, with EUR/USD shedding 0.42% to 1.2889.
Although international lenders agreed on a plan to cut Greek debt, which will allow the country to secure more financial aid and avoid a default, market scepticism grew over a lack of detail on how Athens will implement the reforms needed to meet its new targets.
Meanwhile, investors continued to monitor developments surrounding the looming “fiscal cliff” in the U.S., approximately USD600 billion in automatic tax hikes and spending cuts due to come into effect on January 1.
Sentiment weakened on Tuesday after Senate Majority Leader Harry Reid said he was frustrated by the lack of progress in talks over the U.S. budget impasse in Washington.