US economic data has crushed estimates and the first news is sending the US dollar higher in forex trading. Indeed, the news that the unemployment rate has fallen to 8.3%, and that the economy added 243,000 jobs in January has boosted demand for the US dollar.

The good news out of the US stands in contrast to the disappointing news out of the eurozone. Disappointing regional data is dragging on the euro so that it cannot take advantage of an environment of risk appetite.

Plus, the US dollar is showing such strength in forex trading that gold prices are pulling back. Gold has been steadily gaining strength, and the combination of profit taking, plus a stronger dollar, is enough to send gold prices lower today. 

There is just enough uncertainty in the FX market to send the euro lower today in forex trading against the US dollar. The 17-nation currency is heading lower as concerns about Greek debt remain, and as forex traders consider the United States.

Indeed, Ben Bernanke just told Congress that the United States remains vulnerable to financial problems as long as the issue of the deficit is avoided. The result is that there is uncertainty, even with recent good news out of the eurozone and even out of the United States.

For now, euro is pulling back, moving lower against the dollar and unable to regain the momentum from its recent rally. 

Home prices declined, yet again, in November of 2011. The Case-Shiller report shows that November was a disappointing month for home prices, with a decline to lows very close to the low seen in March 2011.

The news isn't doing too much to hamper risk appetite right now. Investors and forex traders are instead focusing on a new fiscal treaty for the European Union, as well as improved earnings for a number of US companies. The result is that the US dollar is lower in forex trading as risk appetite makes its appearance.

For now, the home prices data has been shoved to the back burner. However, things could easily change going forward. The total economic picture is fairly shaky right now in the United States, and that could mean some changes in the way forex traders perceive things.