EURSEK Euro vs Swedish Krona

The dollar is down slightly against both the Euro and the Japanese Yen Tuesday afternoon, but is nearly unchanged in comparison to the British pound. There has been no U.S. economic data to drive the direction of trading today. Meanwhile, unemployment data in the Eurozone came in better than anticipated.

Investors can look forward to the release of the U.S. employment report for January at the end of the week. Ahead of the highly anticipated jobs report, private sector employment is due to be released tomorrow, while weekly jobless claims are scheduled for Thursday. Readings on the ISM non-manufacturing index and factory orders are also due out in the next few days.

The dollar slipped to a low of $1.0939 against the Euro Tuesday, but has since bounced back to around $1.0920.

The euro area unemployment rate reached its lowest level in more than four years in December, but it remained at an elevated level as rates stayed stubbornly high in Greece and Spain.

The jobless rate dropped to 10.4 percent in December from 10.5 percent in November, Eurostat reported Tuesday. This was the lowest since September 2011. The rate was expected to remain unchanged at 10.5 percent. A year ago, the unemployment rate was 11.4 percent.

Eurozone producer prices continued its downward trend in December, Eurostat reported Tuesday. Producer prices dropped by a more-than-expected 3 percent but slower than the 3.2 percent decrease seen each in previous three months. Economists had forecast a 2.8 percent fall for December.

German unemployment declined more than expected in January, the Federal Labor Agency reportedly said Tuesday. The number of people out of work decreased 20,000, much bigger than an expected decrease of 8,000.

The jobless rate fell to a record 6.2 percent from 6.3 percent in December. It was forecast to remain unchanged at 6.3 percent in January.

Germany's ILO unemployment rate dropped slightly in December after rising in the previous two months, while employment increased from a year ago, provisional data from Destatis showed Tuesday. The unadjusted jobless rate fell to 4.5 percent from 4.6 percent in November. In October, the figure was 4.4 percent. The December unemployment rate remained unchanged from the same month last year.

The buck reached an early high of $1.4325 against the pound sterling Tuesday, but has since eased back to around $1.4420, nearly flat on the session.

British construction sector expanded at the weakest pace in nine months in January, survey results from Markit showed Tuesday. The Chartered Institute of Procurement & Supply/Markit Purchasing Managers' Index fell to 55.0 in January from 57.8 in December.

However, any reading above 50 indicates expansion in the sector. It was forecast to drop slightly to 57.6.

The greenback has slipped to around Y120.085 against the Japanese Yen this afternoon, from last Friday's high of around Y121.500.

The Yen is benefitting from its safe haven status as another drop in crude oil prices has investors fleeing the risk of the equity markets.

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