It seems that the never ending European debt crisis is going to drag the whole world's economy into a deep catastrophe, after Belgian's rating was cut down one step to AA instead of AA+ by S&P along with German Bonds that dropped by 35% in an auction of 10-year bunds, indicating that the debt contagion may reached Germany, amid the IMF's warnings to South America to start taking several precautions to prevent an economic crisis in the South-American region.

Also, last week signs of a slowdown had reached the world's second-biggest economy, where Chinese PMI manufacturing index released by the HSBC for November had recorded a contracting reading.

Back to the currencies, where it seems that this week is optimistic for the Asian FX market, where the primary three South Pacific currencies are rising at the beginning of this week, as the AUD/USD pair is in upward trend and currently trading around the level of 0.9848, after it recorded it's highest price at 0.9853 and lowest price at 0.9788.

On the other hand the NZD/USD pair is also rising 0.7522, after it recorded its highest price at 0.7525 and lowest price at 0.7477.

Finally, USD/JPY pair is in upward trend and currently trading around the level of 77.60, after it recorded its highest price at 77.72 and lowest price at 77.43.