International Forex Inforamtion

Risk appetite is driving the dollar lower in early US session as stocks rebound strongly after yesterday's fall. Dow opens higher and the development continues to indicate it has bottomed out in near term at 8259 last week. Rally in stocks provide some support to commodity and pressure the greenback in general. In addition, dollar is pressured by disappoint employment data released today even though the impact is somewhat offset by better than expected ISM report. Euro, and to a lesser extent, Sterling, are lifted by upside surprises in today's PMI manufacturing data. Some more downside might be seen in the greenback today. But after all, traders remain generally cautious and will likely keep major pairs in range ahead of tomorrow's key events of NFP and ECB.