The U.S. Dollar steadied in Asian trade versus both the Japanese Yen and the Euro but could be under significant pressure if today’s U.S. Non-farms data disappoints as it did in March.

The Euro slipped and held near to a 2-week low versus the U.S. Dollar, falling overnight as still more dismal economic news puts pressure and the spotlight on the European Central Bank which will announce the outcome of its monthly policy meeting later today.

The U.S. Dollar recovered in Asian trading, bouncing back from a 2½ month trough against the Japanese Yen following the data release yesterday which showed that U.S. manufacturing grew at its strongest rate in nearly 10 months.

The Reserve Bank of Australian was widely expected to cut interest rates at their policy meeting today but surprised markets with a 50 basis points reduction rather than the expected 25 points.

Following Friday’s unexpectedly dismal growth report from the United States,, the U.S. Dollar continues to be under pressure as the new trading week unfolds in Asia.

The Japanese Yen slipped broadly lower earlier as the Bank of Japan increased their asset purchase program by 10 trillion Yen, slightly more than experts had expected.

The U.S. Dollar Index stayed close to a 3-week low as the Federal Reserve took a more dovish stance than markets were expecting.

The Euro edged higher against the U.S. Dollar in Asian trading, boosted by a return to risk appetite following a series of successful sovereign debt auctions from Spain, Italy and the Netherlands.

The Aussie Dollar struck a 2-week low versus the U.S. Dollar as expectations of a rate cut were bolstered on weaker than expected inflation data.

The Euro slipped off a 2-week peak versus the U.S. Dollar, pushed there on news that the IMF has decided to increase its safety net intended for the Eurozone by 100%.