Safe haven demand is high today as Italy moves to the brink of default. With bond yields surging, and other eurozone countries fighting their own sovereign debt battles, Forex traders are looking for safe haven — and that means the US dollar.

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The South African Rand slipped today as Moody’s Investor Service set the credit rating of South Africa to negative, reducing appeal of the nation’s currency.(...)
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Great Britain pound is struggling today, after seeing some gains yesterday. Today, though, equities are weighing on sterling as fears about the eurozone mount and result in risk aversion.

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The Australian dollar edged down today as the pessimistic outlook for tomorrow’s employment report outweighed the positive fundamental reports today.(...)
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The Japanese yen gained today as some Forex market participants doesn’t consider the current political events in the European Union (namely, the resignation of Greek Prime Minister and the future resignation of Italian Prime Minister) as positive for the European economy. Such traders prefer to buy the Japanese currency as a safe haven. (...)
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The euro rallied yesterday and done a good job keeping its gains today as Italian Prime Minister Silvio Berlusconi agreed to resign after the austerity measures will be implemented.(...)
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