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Japan's Currency Hits a 7 Month High
The Yen rose to a 7 month high versus the Dollar as Japan's new government reiterated its opposition to pursuing deliberate currency devaluation strategy. The Sterling dropped to a 3 month low versus the Dollar last week after Bank of England Governor Mervyn King was quoted as saying the Pound's weakness is aiding in stabilizing the U.K.'s economy. Today's trading day will likely experience the markets reaction to the G20 leaders' decisions, mainly their pledge to continue supporting the stimulus efforts.

Pound Tumbles, Dollar Surges as Risk Aversion Hits Currency Markets (Euro Open)
The US Dollar surged higher to start the trading week as stocks sold off across Asian exchanges, boosting demand for the safety-linked currency. The British Pound bore the brunt of the greenback’s assault as risk aversion compounded last week’s dovish rhetoric from the Bank of England.Key Overnight Developments• Pound Tumbles Despite BOE Backtracking on King’s Comments• Japanese Yen Surges on Safety Demand as Stocks Plunge in AsiaCritical Levels

Forex Weekly Trading Forecast - 09.28.09
US Dollar: Optimistic Economic Outlooks to Meet Hard Facts This Week Fundamental Outlook for US Dollar: Bullish- The Federal Reserve left rates unchanged, but signaled a more optimistic outlook- University of Michigan consumer confidence jumped to a 21-month high in September- US durable goods orders tumbled 2.4% in August, marking the steepest drop since JanuaryThe US dollar ended the past week marginally higher after the Federal Reserve issued a more optimistic outlook on the economy. In the coming week, though, there will be a variety of growth indicators on hand that may help to signal whether the US recession really ended in

Dollar, Yen up Ahead of the G20 Meeting
The Dollar snaps a two week decline versus the EUR after disappointing U.S Home Sales data and ahead of the G20 meeting. The USD and JPY are benefiting from the recent surge in risk aversion ahead of the G20 meeting and a concern that the group's leaders will pose stricter regulations on financial markets. The drop in Oil prices, which began Wednesday, only exacerbated yesterday as equity markets tumbled and the Dollar strengthened, putting pressure on the commodities market.

Currency Markets Look to G20 Summit Outcome to Guide Price Action (Euro Open)
Currency markets will be focused on the outcome of the G20 summit of world leaders in Pittsburg to guide directional momentum. A leaked draft communiqué hinted policymakers were in no rush to withdraw fiscal stimulus, but concerns remain about what measures will be taken against risk-taking in the financial markets.Key Overnight Developments• NZ Annual Trade Deficit Shrinks as Imports Fall for Fifth Month• Bank of Japan Says Recovery After Stimulus, Restocking is “Uncertain”Critical Levels