NEW YORK ( TheStreet) -- The U.S. jobs report dominated headlines last week, but a just-as-important event took place at the European Central Bank on July 4.On that day, the ECB announced it will keep rates at record lows and clearly stated its future policy has a dovish bias. ECB President Mario Draghi wanted markets to know that unlike the central bank's U.S. peer, it was choosing further monetary easing. The first chart below is of CurrencyShares Euro Trust ( FXE) over PowerShares DB US Dollar Index Bullish ( UUP). As the Federal Reserve has moved toward a less accommodative stance, the dollar has strengthened. Most analysts now believe that the first steps toward reining in bond buying will take place at the September Fed meeting. The dollar is now at its strongest levels of the year versus the euro, and if the Fed minutes, to be released on Wednesday, signal that the Fed board has turned mostly hawkish, then the dollar will strengthen even more.