US dollar is heading higher on the Forex market, gaining as traders look for safe haven in the face of more European troubles. This time, it’s a credit rating cut for Belgium.

The Chinese yuan headed for a third weekly drop today, demonstrating the longest decline since July 2010, on the speculation that the slower economic growth will cause China to trim the currency’s gains to protect the nation’s exporters.

The South African rand dropped today, heading to the worst week in more than two months, as the European debt crisis continues to produce a downward pressure on the riskier currencies.

Euro was a little higher earlier as some hope for joint euro bonds was floated. However, a press conference with three European leaders today scuttled that hope and sent the euro lower in Forex trading.

Great Britain pound may be down against the US dollar today, and down against the Japanese yen, but it is up against the euro. Sterling is lower against the dollar and yen on risk aversion, but, in terms of European currencies, it appears to be taking the safe haven designation.

The Brazilian real fell today, while yesterday it was at the seven-week low, as the report showed that China’s manufacturing is slowing.

Japanese yen is gaining against the euro and the pound as eurozone troubles continue. Additionally, the yen is getting a boost as Asian companies cut their earnings outlooks.

The US dollar rose today as the German bond auction could be considered a disaster, fueling fears of the European debt contagion, while the US economy showed the signs of recovery.

Euro continues to tumble in Forex trading, dropping as the news out of Europe continues to disappoint traders everywhere. Yesterday, euro showed some spunk, but, once again, the 17-nation currency has been able to hold on to any gains.

The Indian rupee rebounded today after seven sessions of decline on the speculation that the central bank will intervene to stem the currency’s losses, but resumed its drop later.