The market is still rattled by the news of Bin Laden's death, as the joy for the dollar starts to turn sour with fears of retaliation acts that struck the alarm in embassies and airports across the world.

Mixed data is streaming into the market with fears over the next chapter in the US war against terrorism and also woes over a shaky global recovery. The data is signaling slowing expansion across sectors and slowing recovery and that is surely not pleasant for the surge in risk appetite seen recently.

Haven demand and major currencies weakness fed into the dollar's strength today as the dollar index trades bullishly around 73.24 recording the high of 73.29 and the low of 72.91.

The dollar was propped up by majors weakness that was attributed to their downbeat fundamentals that surely ended with suppressed bets on rate increases.

The heaviest of losses were seen for sterling, as the royal pound slumped heavily versus greenback with the return of UK markets after a long four-day weekend. The stronger than expected decline in manufacturing activity according to the PMI index in April suppressed the gains, yet mostly the lower bets on rates were the biggest pressure.

Comments from BoE's King that higher rates will intensify the economic problems for the high debt lowered the bets on rate increases from the bank. Sterling slumped versus greenback to strike the low of 1.6471 from the high of 1.6660 as the strong resistance was enough to pressure the pair south to currently hover near its lows around 1.6476.

As for the euro, the common currency was weaker on mounting debt woes that directly steam into the market with the downbeat sentiment. We also saw downbeat comments from ECB Vice President Victor Constancio saying the bank is not in a rush for a series of rate increases at the time that the sovereign debt crisis has not abated.

The EUR/USD moved south to strike the low of 1.4753 down from the high of 1.4843 and currently hovering around 1.4775.

We can see benefits from the shaky sentiment, as the haven Japanese yen moves stronger versus greenback with the unwinding of risky positions by investors with the high uncertainty surrounding the market. The USD/JPY pair is trading bearishly to the advantage of the yen so far to the low of 80.88 from the high of 81.26 and currently around 81.00 levels.

More volatility is expected today with the lack of major data with only factory orders on queue from the US. The more critical and crucial data will be released later this week and starting tomorrow, especially with the ADP due Wednesday providing the headline clue for the main jobs number of Friday.