The euro is posting its worst weekly performance against the yen in two months and losing against several major currencies as more than 10 Eastern European nations will need loans to rescue their economies from the rising recession in the region.

The Polish zloty, which have severely devalued versus the Eurozone currency when the global slump struck Europe last year, rose today as Polish government affirmed that the euro entry process may start this year for the Eastern European Nation.

The Brazilian high-yielding currency, declined for almost a week as concerns regarding the global rose, but today it rebounded as commodities rallied, spurring demand for the South American country’s currency.

The Australian currency rose against the yen from a seven-week low after a report yesterday indicated that unemployment figures in Australia rose less than forecast, spurring demand for the Aussie, which had lost against all majors since last week’s risk aversion wave.

The Japanese yen, which was rallying intensively against all majors after a wave of risk aversion struck markets last week, dropped today as Japanese importers sold the currency led by speculations that after this week’s rally, the yen would be overpriced.

The Canadian dollar slashed its previous gains as the crude oil fell for a sixth day in a row, on concerns that a longer global slump will damp demand for energy in the U.S., the main destination for Canada’s commodity exportation.

Chile, one of the world biggest copper exporters, is witnessing its currency to fall against all majors as the price of the metallic commodity declined due to a new wave of pessimism, which may decrease demand for metals.

Russia, the world’s leading energy supplier and main oil exporter to Europe, has witnessed a considerable drop in its currency as the crude oil price is reaching almost a week of declines, as concerns regarding the global slump may slash global energy demand for the next months.

The Australian dollar, one of the main high-yielding currencies among the 16 most traded, has been witnessed a sharp decline since last week’s new wave of pessimism struck equities and commodities markets.

The yen is this week’s best bet among traders, as speculations that a weak U.S. corporate earnings to be posted this week made Japanese investors to sell overseas assets and repatriate their capital to the Asian nation.