By Omer Esiner of TravelexThe U.S. dollar slipped back toward the lower end of its recent ranges as improving appetite for riskier assets undermined some of the greenback's safe-haven allure overnight. Friday's better than expected U.S. employment report was positive enough to improve investor risk appetite, but it was not strong enough to alter market expectations for very low U.S. lending rates for the foreseeable future. Moreover, the unclear impact of massive snowstorms on the data last month have kept many market participants from reading too heavily into last month's positive jobs report. Moderating concerns about a debt default in Greece further assuaged sovereign credit worries while a generally credible deficit-slashing plan presented by Portugal reduced some of the market's fears about a spreading debt crisis in the eurozone. Firmer commodities like crude oil, which hit an eight-week high over $82 a barrel overnight, added to the appeal of the dollar-bloc group of currencies from Australia, New Zealand and Canada. With little in the way of economic data to trade off today, investors will continue to focus on fluctuations in risk appetite and market sentiment. Firmer stocks and commodities would boost demand for higher yields and likely see the greenback remain on the defensive. USD: The U.S. dollar was stuck near the lower end of its recent ranges after rising to multimonth peaks against most of its major rivals earlier this month. The greenback has pared some of those impressive gains as concerns about a credit default in Greece have moderated, with the resulting improvement in risk appetite dulling some of the dollar's safe-haven appeal. Generally mixed U.S. data recently has also undermined some of the market's enthusiasm about an accelerating U.S. recovery and dampened expectations for near-term policy normalization by Fed. While the dollar could suffer from additional losses over the near term, especially if Greek credit concerns continue to subside, its medium-term outlook remains reasonably upbeat. By all accounts, the U.S. economy appears to be outpacing most of its major rivals in recovery, which should ultimately prompt the Fed to begin normalizing policy before central banks abroad. Credit concerns in Europe may ease over the near term but will remain a very heavy drag on the 16-member bloc's economy and should delay any rate hike by the ECB. Finally, the greenback stands to benefit from a scenario in which global growth undershoots market expectations, and investors flock back to the relative safety of USD-denominated assets.