After three on a row bad sessions for stocks around the world amid financial woes and concerns over the euro zone's exposure to emerging Europe, the common currency was sell off against the dollar Wednesday reaching as low as 1.2513, a 3-month low. By the end of the American session, the pair remains slightly above that level, around the 1.2540zone, keeping the bearish trend intact.
Japanese Yen lost the safe-haven condition for good, falling across the board to a 6-week low against dollar, ahead of BOJ meeting Thursday. All of the Yen crosses trade higher on the day, as traders expect aggressive measures by the BOJ, such as quantitative easing, to avoid the risk of moving into recession. Also, is well known that the BOJ consider unsustainable past months yen high levels, as they put exports under too much pressure, for the country economy, and they will tend to support this falling trend for their currency.