The dollar has weakened by more than 2 cents over the past 24 hours against the euro - it is currently trading at €1.11 - following the weakest service sector growth figures in two years.

The data caused further concerns about the overall health of the world’s largest economy and increased expectations of fewer (if any) further interest rate rises by the US Central Bank, the Federal Reserve, this year.

A weakening economy and lower prospective interest rates are weakening the dollar but a weaker dollar sends oil prices the other way and the price of Brent Crude got a boost yesterday and is currently touching $35 a barrel.

Higher oil prices, even if temporary, sends other commodity prices higher and most Asian markets rose higher overnight and Western markets are expected to remain steady today.

But as Brenda Kelly of London Capital Markets spoke to Vincent Wall, she believes that markets are likely to remain volatile for some time to come.

"These large flings that we've been seeing for the last five or six weeks are characteristic of a down trend in markets," she told Breakfast Business, adding that while we are likely to see a bounce today, ultimately markets face a "choppy couple of months."