The yen and the Swiss franc were weak across the board as risk appetite returned to the market. Although Friday's U.S. jobs data pointed to recessionary conditions, there is a growing sense in the market that the bad news may already be priced in, with the safe haven currencies suffering the most. "With the new fiscal year under way and investor sentiment globally showing tangible signs of improvement, the yen is once again starting to come under pressure," said Simon Derrick at the Bank of New York Mellon. At the same time, riskier, high-yielding currencies such as the Australian and New Zealand dollars enjoyed significant gains. Elsewhere, the euro edged higher against the U.S. dollar, trading around the $1.57 mark, with market players nervous before a busy event week. First up on Tuesday will be the release of the minutes to the Federal Open Market Committee's last meeting, which will be scrutinised for any dovish slant, particularly because the decision to cut interest rates by 75 basis points was less than the 100 basis points many had predicted. "The dollar may have recovered some ground early in the new week, but any support could prove difficult to sustain in the coming days as traders await the release of the latest FOMC meeting minutes," said James Hughes at CMC Markets. "The 75 basis points that came off rates last time around was far more conservative than many had been expecting and with Friday's non-farm payroll figures sitting fresh in many people's minds, the scope for the Fed to cull rates further at this month's meeting cannot be ignored," he added. Further out, attention will focus on the interest rate decisions in the euro zone and the UK, followed by the G7 meeting at the weekend. The European Central Bank is still not expected to cut interest rates this week or any time soon given very high inflation levels. The matter is different in the UK, however, with an increasing majority in the market now forecasting that the BoE will opt for a cut as early as this month to help alleviate ever tighter conditions in credit markets.