The S&P futures are in the green to start off 2010 as investors react favorably to last Friday’s positive Manufacturing PMI figure from China. Furthermore, the UK released an encouraging data set today with America’s own Manufacturing PMI figure on the way. Meanwhile, the Dollar is weakening across the board with investors favoring the risk trade once again, a positive catalyst for the S&P futures since they have been negatively correlated with the Greenback. It will be interesting to see how the Dollar reacts to today’s U.S. Manufacturing PMI number should it print positively. Strong manufacturing data could lead investors back to the Dollar and drag on the S&P’s intraday gains. On the other hand, weak U.S. economic data may very well move the S&P futures higher since the Dollar would likely weaken in reaction to such a development. Speaking of economic data, the U.S. will also release Pending Home Sales and Factory Orders tomorrow. However, most eyes are on Wednesday’s Non-Farm Employment Change number. A turnaround in U.S. employment triggered December’s rally in both the Dollar and U.S. equities. Therefore, this weekly U.S. employment data could have a considerable impact on the markets. Meanwhile, investors should continue to eye activity in the Dollar and monitor for any aggressive directional movements.