US dollar is mostly rangebound today, turning in a mixed performance as traders look for direction and speculation about what’s next for the Federal Reserve raises questions about what’s next.

The Japanese fell today against all other most-traded currencies and dropped below the 101 per dollar level on positive data from the United States and signs that Japanese investors buy foreign bonds.

Canadian dollar is heading lower today, dropping along with other commodity currencies. With commodities plunging, it is little surprise that currencies like the loonie are losing ground today.

Euro is lower against the US dollar today, dropping below the 1.3000 level for the first time in about two weeks. There isn’t a clear reason for the drop to take place right now, but there is speculation that general dollar strength is the main driver.

US dollar is showing strength today, heading higher as Forex traders look to the improving economic situation. When compared to other economies, the US economy is looking pretty good, and that is helping the greenback against its major counterparts today.

Japanese yen is mostly weaker today, dropping as the prospects of long-term weakness weigh on the Asian currency. With a plan in place to boost the monetary base, and with no one in the G-20 trying to rein in Japan, it looks as there is a clear field for yen weakness.

Risk appetite, prompted by China’s trade surplus, is helping high beta currencies against the US dollar today. Greenback is down almost across the board as the situation for the global economy is expected to improve, and as risk assets fare in demand.

Japanese yen is gaining ground today, thanks to the latest comments from Japan’s Finance Minister. Some Forex traders now believe that the recent yen weakness was overdone, and that some strength is in order. As a result, yen is gaining against many of its major counterparts.

US dollar is gaining ground today, heading higher on risk aversion, and gaining strength from the fact that the economic recovery seems to be progressing. Many Forex traders are especially interested in the dollar’s performance against the yen; it looks as though the greenback is ready to test the 100-yen level again.

Euro is heading higher today, even in the midst of a deteriorating outlook for the eurozone. The risk appetite prompted by a better than expected jobs report out of the United States is helping high beta currencies around the world, never mind the fundamentals.