Japanese yen is gaining against the euro and the pound today, thanks to renewed fears about what’s next for Europe. Yen is lower against the US dollar, though, thanks in part to the re-emergence of the trade deficit in Japan. As long as concerns about Europe, and the banking industry, remain, yen is likely to find some strength against European currencies.

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The Great Britain pound went down today after trade balance deficit widened retail price inflation slowed. The sterling also weakened on speculation that the Bank of England will add stimulus.(...)
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The euro declined today after Fitch Ratings spoke about possible worsening of Europe’s credit crisis and potential disintegration of the eurozone.(...)
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Earlier, the Canadian dollar was gaining on the demand for riskier assets. Yesterday’s demand for higher yielding assets helped the loonie gain versus its counterparts. However, some of that momentum is being lost right now as a bit of risk aversion sets in.

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