The dollar strengthened over the euro by 0.59 cents yesterday to close the day at 1.2791, after rumors that the Securities and Exchange Commission is going to relax some accounting rules saw US stocks rally. This had the effect of improving risk appetite in the foreign exchange markets and saw the euro come off its earlier low of 1.2765, which it had been pushed to after lingering pressure from the downgrading of Russia's sovereign debt.
In today's trading there has been little change as investors wait for the announcement of a barrage of important US employment data. Announced at 13.30 GMT, Average Hourly Earnings, Non-farm Payrolls and Unemployment Rate figures will give a clear indication of the health of the US employment market and some investors speculate that we will notice a slowing in the rate of contraction. In the eurozone German Industrial Production data is announced this morning.
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