The euro has climbed 4 percent against the dollar this month – a move that might be viewed as out of kilter with events in the euro area, where Greece looks to be lurching ever closer to a debt default.
While the euro's rise to a one-month peak versus the dollar on Thursday is linked to dollar weakness after this week's dovish Federal Reserve statement, analysts said it's hard to deny that the euro is proving resilient in the face of a Greek crisis.
"Euro/dollar has been going up since mid-March. That basically tells you that the market is taking the view that Greece is not that relevant for the euro," Vasileios Gkionakis, head of global currency strategy at Unicredit, told CNBC's "Squawk Box Europe" on Thursday.
The single currency rose as high as $1.14 on Thursday, up more than 8 percent from a 12-year low just below the $1.05 hit in March.