Risk is the term of the day, as equity market gains are providing a platform for major currencies to work off of.  The Euro is higher against the dollar, by an impressive 0.87% and trading at 1.3200 in the New York morning.  Although plenty of economic data is scheduled, it seems that a short term bill auction in Portugal and euphoria over Facebook choosing a lead underwriter are driving markets higher.  Currently the US Dow Jones Industrial Average remains higher by over 1% at 12,767.00.

1.  The Portuguese government proved its global debt market standing, placing about 1.5 billion euros of 3 and 6-month debt into the marketplace.  Demand for the auction was relatively healthy, at about 2.7 times the overall demand, as yields dropped an average of 29 basis points.  The placement quells concern temporarily that Portugal would be unable to solidify short term funding.

2.  Manufacturing in the US grew at the fastest pace in seven months, according to the Institute for Supply Management’s survey.  In the month of January, the index reading rose to 54.1 from December’s 53.1.  The new orders subcomponent made improvements to 57.6 from 54.8 in the previous report.

3.  UK manufacturing sector improvements were also seen earlier in the morning.  According to the Markit/CIPS PMI report, activity rose to a reading of 52.1, compared to December’s 49.7.  The news was positive as index readings rose above minimum expansionary levels of 50.

4.  Employers added 170,000 employees in the month of January, according to ADP Employer Services.  Although robust, the figure was below market estimates of a 182,000 gain in the month – lending to speculation of a rather tepid Non-farm payrolls report later this week.

5.  According to the Federal Statistics Office, Swiss retail sales were less than expected in the month of December.  Annualized gains were in the area of 0.6%, far below expectations of a 1.6% gain.  Month over month declines were in the area of 2.9%.

6.  Manufacturing in China remained steady despite the global slowdown according to the most recent statistics bureau report.  Index results rose to 50.5 in the month of January, following a 50.3 reading in December.