The dollar lost ground against most currencies in Asia on Wednesday as risk appetite soared on the back of 3-5% gains on Asian stock markets. Equity markets saw positive signs in the U.S. data and auto maker reports on Wednesday and went on a buying spree with DJIA futures making triple digit gains while the Nikkei was up over 4% and the Hang Seng over 5%. EUR-USD opened around 1.3240 and rallied to highs of 1.3294 despite the ECB rate decision looming with AUD, NZD, CAD and GBP all higher. USD-JPY was the exception to the easier dollar due to the broad-based buying of JPY crosses on the back of the stock gains. USD-JPY bounced off lows of 98.40 to highs of 98.88 but remained easily contained within the wide trading band seen post-Tankan on Wednesday. Traders in fact suggest USD-JPY may remain range-bound until the U.S. jobs data on Friday.