The Japanese yen rose today against the U.S. dollar and recovered the gap-losses against the euro and the pound after the Russia’s central bank devalued the national currency again, reducing the attractiveness of the emerging markets.

The British pound rose against the euro today along with some other major currencies as the euro suffers from the trade balance deficit, while the traders long for some high-yielding European currency, which the pound still is.

The Japanese yen continued to advance today against the dollar, the euro and the British pound as the the other major currency pair are stuck in the neutral zone before the ECB rate announcement.

The U.S. dollar declined today against the other major currencies, except yen, after rallying for three days, as the investors sought a technical correction before some important macroeconomic reports to be released today in United States.

The New Zealand dollar dropped to the monthly low against the U.S. dollar today as the S&P rating agency revised the country’s foreign currency credit rating outlook from stable to negative.

The euro declined against the U.S. dollar and the Japanese yen today after opening with a rather large negative weekly gap against these currencies as the traders expect that ECB will continue rate reduction this week.

The South Korean won continued to decline against the U.S. dollar today almost completing a third week of drop as the country’s central bank reduced the interest rate to the record low value.

The Australian and New Zealand dollars both showed a second day of decline today on the Forex market as the stocks, commodities and the confidence in the fast recovery from the recession fell world-wide.

The European single currency bottomed near the 3-week low against the U.S. dollar and significantly fell against the Japanese yen and the British pound today as the investors expect further rate cuts from the European Central Bank.

The Canadian dollar rose against the 3 other major currencies today, completely reversing the daily trend, as the oil and commodity markets become more attractive after the holidays.