The U.S. Dollar fell against most major currencies in overnight trading as investor appetite for risk increased while tensions over Irish debt issues eased. Pressure increased on the Dollar amid optimism that a bailout for Ireland will prevent contagion across the Euro region’s debt markets.

Crude oil prices and increased appetite for risk are helping to support the Canadian Dollar overnight. It looks as if it could be a “risk on” day today which will be beneficial to all the higher yielding currencies.

The U.S. Dollar hit a six-week low against the Euro driven by greater demand for risky assets and a hawkish comment from the Reserve Bank of Australia. A mid-morning report showing that the U.S. Services Sector slowed last month also contributed to the Euro’s rally on the prospects of a weaker outlook for the U.S. economy.

The U.S. Dollar finished down against most major currencies on Tuesday as appetite for risk shifted toward higher yielding assets. The Greenback closed lower against the commodity-linked currencies while posting a strong gain versus the British Pound.