The dollar hit the skids versus the euro and most other majors on Wednesday as global equities snapped out of their recent funk.

Encouraging data from China helped drive Asian stocks sharply higher, and European shares followed suit, fueling increased risk appetite.

US stock futures are also pointing to significant gains at the opening bell.

China’s manufacturing activity picked up in August, and Australia’s economy expanded at the fastest pace in three years, easing concerns about global demand for goods and resources.

In economic news from across the Atlantic, recovery in the Eurozone manufacturing sector slowed in August as all major nations in the bloc, except France, experienced a slowdown.

The dollar was hammered by the aussie, falling to a month and a half low of 0.9060. At the same time, the dollar fell to a ten-day low of $1.2800 against the euro, down more than a penny from yesterday’s levels.

Still, the buck was stuck in the mud versus the yen, hovering just above a recent 15-year low of Y83.58. There was little movement versus the sterling, with the buck holding within a penny of yesterday’s 6-week high of $1.5326.

Another round of key economic data from the US will keep traders busy today, including a closely-watched prelude to Friday’s monthly jobs report from the Labor Department.

The ADP National Employment report, that sheds light on non-farm private employment in the country will be released at 8.15 a.m. ET. Economists expect that private employers added 13,000 jobs in August.

At 10.00 a.m. ET, the results of the manufacturing survey of the Institute for Supply Management for August will be tabled. Economists expect that the index to show a reading of 52.9 for August, lower than the 55.5 recorded for July.

The Commerce Department will release its report on construction spending for July at 10.00 a.m ET. Economists forecast that construction spending contracted 0.7% during the month, following a 0.1% increase in the previous month.

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