The euro has been on a nice rally since January when it hit a year low of 1.2657 it is currently trading at (EURUSD=X) 1.3448. Fear of the European crisis has subsided somewhat. The dollar has been trading lower against the euro, franc and the pound.
The dollar has rallied against the Japanese yen from the beginning of the month when the yen traded at 76.1789 currently (USDJPY=X) trades at 81.00.
The dollar has been breaking down against the Swiss franc since January when it had a year high of 0.9754 now the (USDCHF=X) trades at a low 0.8957. Although the euro has enjoyed an upward movement against the dollar the franc has continued to rise on the euro trading at (CHFEUR=X) 0.8299. The market may be signaling the crisis is still a threat.
The sterling has recovered from its January low 1.5314 there are signs the economy is picking up in the UK and that they will not see a double dip, the (GBPUSD=X) is currently at 1.5872.
The Canadian dollar has been on a downward movement this whole week trading at (USDCAD=X) 0.9995 while crude oil WTI has been on a violent upward ride to trade at 109.62.
From what we learned last summer news from Europe can change the market in a heartbeat and the longer the European crisis goes unresolved the more people start to panic, there may be some correction on these pairs as we move ahead.
Japanese Finance Minister Jun Azumi stated the following at the G20 meeting in Mexico: "The economy is somewhat picking up in the world as a whole, including Japan, and we want to put an end to the Europe crisis in the early spring and to accelerate the global economic growth."
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