After showing general strength earlier, the Japanese yen is now weakening against its European counterparts. Yen is still stronger against the US dollar, but against the euro and the United Kingdom pound, the Japanese yen is lower.

Last week, Forex traders showed a great deal of euphoria over developments in Europe and in the United States. Germany’s tacit agreement to the ESM, along with the announcement from the Fed that QE3 would start in the United States, pushed markets higher. Now, though, investors and traders are taking stock and the dynamic has changed a bit.

UK pound is mostly steady today following the latest Bank of England decision. Sterling is mostly rangebound against other majors, making little changes as Forex traders await the latest plan from the ECB about how to fix the sovereign debt crisis.

UK pound is weakening right now on uncertainty. Concerns about what’s next for the British economy, as well as speculation about what will happen with the eurozone, are weighing on the pound today.

UK pound is moving higher, consolidating after yesterday’s gains. Sterling is heading higher today, in line with market movements. However, the pound isn’t making any big moves, as there are still a lot of questions that need answering, and the UK economic outlook is far from certain.

UK pound continues to struggle as concerns about the economy weigh. Today, UK markets are closed for the Summer Bank Holiday, but that the currency market is still open. Sterling is having trouble as expectations for the economy, and the pound, remain somewhat low.

Risk appetite is making a somewhat cautious appearance on the markets today. Equities in Europe and the United States are mostly higher, and there is optimism regarding the ECB’s inevitable moves to stave up complete collapse in the eurozone. As a result, the US dollar is moving a little lower today.

Japanese yen is lower today, sliding against major currencies as traders express their expectations for monetary easing by the Bank of Japan. Between US Treasury yields and possible BOJ easing, the yen is likely to continue losing ground to other currencies.

Aussie is heading higher today, but its direction is far from certain. Australian dollar has overcome some earlier losses to the US dollar, and it is gaining against European currencies right now.

US dollar performance is mixed today as Forex traders look for direction and mull economic data. Yesterday, July retail sales showed a bigger improvement than expected, but the latest retail-level inflation data shows flatness. As a result, QE3 may not be an immediate occurrence. The US dollar is higher against some major currencies, like the euro, and down against the pound and the yen.