Japanese yen is strengthening against majors today, heading higher against the US dollar, euro and the Great Britain pound. Yen buying is on the rise, as Forex traders look for a little direction for what lies ahead.

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Euro saw some solid progress yesterday, but today the 17-nation currency is slipping a bit. Some Forex traders are getting a little nervous about tomorrow. EU leaders say they’ll announce a plan to contain the sovereign debt crisis on Wednesday, but there are some doubts.

One of the reasons that there is some skepticism is due to the fact that we’ve been here before. Indeed, European leaders have been talking about doing something for months. However, when it gets right down to it, there are difficulties with agreeing on a course of action — especially between Germany and France.

Euro is slipping below the 1.3900 level relative to the US dollar, and that is providing some level of concern about what could be next. If a viable solution is announced tomorrow, there is a good chance that the euro will rally on the relief. If European leaders disappoint, yet again, we could see a slide in the euro. Some of the more dramatic even predict the end of the euro if an agreement about handling sovereign debt bailouts can’t be reached.

At 13:02 GMT EUR/USD is lower at 1.3898, down from the open at 1.3930. EUR/GBP is also lower, moving down to 0.8688 from the open at 0.8708. Even EUR/JPY has dropped down to 105.72 from the open at 106.00.

The New Zealand dollar fell today, following the yesterday’s rally, after the government report showed the inflation slowed more than expected in the third quarter.(...)
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The Australian dollar advanced today as traders threw out doubts and were ready to take a riskier course. Earlier Forex market participants felt uncertainty caused by the unclear outcome of the EU summit, but it seems they decided to look at the current plans of the European leader in the positive light.(...)
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The Great Britain pound is grinding higher against the US dollar today, thanks to increased risk appetite, and expectations for a European deal by Wednesday. However, things might not remain so rosy for the UK pound going forward.

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Read the rest of GBP Higher Against USD — For Now (159 words)