The dollar fell slightly against major currencies on the first day of the month. Positive news from Spain led to the euro increase which, however, does not seem to have secured up to the next few hours.
During this period key data does not affect market much. But stress tests from Spain and other statistics seems to be more relevant. The most important news, like GDP, inflation, and unemployment are blurred to speeches, mostly empty of content noteworthy. European politicians fail to find even a single life output, albeit wrong.
The pace of the Forex market takes, therefore, the euro to the first place, closely followed by the pound, which has failed to recover positions in the European session after a weak UK manufacturing PMI.
The other currencies remain bearish bias against the dollar in the medium-term, though, as the single currency, fail to take air in the hours before the beginning of the U.S. session.
The Dow Jones index futures are positioned for it with uptrend, the key data expected today is the manufacturing ISM, which will be announced at 10:00 ET.
Also we are waiting for the presentation of the Fed Chairman Ben Bernanke in Indiana, which will start at12:30. He is supposed to give a speech on monetary policy.