The U.S. dollar slightly gained against most of the major currencies during Monday's trading session. The dollar began yesterday's trading session with a 60 pip gain vs. the euro, and a 30 pip gain vs. the Japanese yen. However, by the end of the day the dollar corrected most of its gains.

The dollar's appreciation came after Germany reported weak manufacturing data. Germany's factory orders declined in December by 3.4 percent, more than economists estimated. The lower-than-expected figures have weakened the euro, and as a result strengthened its greatest rival, the greenback.

The dollar was also supported by the better-than-expected U.S. Unemployment Rate figures, released last Friday. The U.S. Labor Department said on Friday that the U.S. unemployment rate fell to 9 percent in January, the lowest level since April 2009. This has boosted the dollar by 120 pips against the euro on Friday, and continued to impact the greenback on Monday.

Looking ahead to today, the most significant release from the U.S. economy looks to be the Economic Optimism report. This is a survey of about 900 consumers, who are asked to rate their next six-month financial outlook. A positive publication has the potential to further strengthen the dollar.