Russia’s ruble declined today after crude oil prices fell on the concerns about the power transition and the political stability in North Korea and the uncertainty with the situation in Europe.

The South Korean won slid today after North Korean leader Kim Jong Il died, leading to fears that North Korea would face a political turmoil that may negatively influence South Korea.

US dollar is firmer against majors, heading a little bit higher as many Forex traders take a defensive position today. The situation, though, is one of those rare times when the US dollar and US stocks aren’t moving in opposite directions.

It’s all about defensive positions today on the Forex market as news continues to give traders pause. Forex traders are processing the news of the death of Kim Jong Il, the dictator that ruled North Korea for years, and considering whether or not Fitch really will downgrade France along with six other European countries.

The summit of the European Union nations last week set the mood for this week and it wasn’t the optimistic one. The Canadian dollar felt the weight of the negative sentiment, but the week wasn’t altogether bad for Canada’s currency.

The Canadian dollar closed below the opening level today as Fitch Ratings came in and knocked down the positive market sentiment by signaling that France’s top credit ranking may be in danger.

It looks to be a relatively quiet day in forex trading. Even so, the US dollar is mostly lower in forex trading today — although it isn’t much changed against other major currencies.

Euro is edging higher today, holding on to some of its overnight gains, as things slow down in the financial markets ahead of Christmas week. Even though Christmas is still more than a week away, things are already slowing down in a lot of markets.

The Asian currencies, including the Indonesian rupiah, rose today as the market sentiment was positive after yesterday’s good news from Europe and the United States. The currency was further boosted as Fitch Ratings improved Indonesia’s credit grade.

The Indian rupee gained today, following yesterday’s drop to the all-time low, as the nation’s central bank stepped in, announcing measures to curb the volatility on the foreign-exchange market.