The U.S. Dollar eased a bit on Monday against most major currencies as investor sentiment shifted back toward putting “risk on”. News today centered on Greece’s effort to shore up its finances by offering five-year bonds. Apparently the offering was well received by the investing public as demand exceeded 20 billion Euros. Early expectations were for demand of 3 to 5 billion Euros. This indicates the European investing community has faith and confidence in Greece’s ability to pull out of its fiscal mess.

The GBP USD traded sharply higher all session ahead of tomorrow’s GDP report. Today’s action looked a little stronger than short-covering so speculators could be anticipating a robust report. The U.K. economy was the driving force behind this market’s recent weakness. Oversold conditions are likely to help the Pound strengthen over the near-term or until more bad economic news hits the wires. Traders are looking for GDP to increase by 0.4% after a 0.2% contraction.

The USD JPY traded higher following a volatile week which saw the Greenback lose ground. News that Bernanke would be reappointed helped to support demand for higher risk assets. This pressured the Japanese Yen. The Bank of Japan is expected to leave interest rates and stimulus alone at this week’s meeting, but could threaten to intervene if this currency pair drops below 90.00.