The euro briefly broke through the $1.29 mark in early morning trading as a renewed climb in oil prices and pressure on the carry trade environment due to yen firmness has put pressure on the dollar. The dollar meanwhile has slipped back to the Y116 mark even after a downgrade of the Japanese economy by the Japanese government in its monthly economic report. Investors are now awaiting the release of the University of Michigan's consumer sentiment survey for November at 10 a.m. EST, which is expected to show a reading of 93.0.