(04-12-2007 8:00 GMT) A new trading day and seems nothing is new and nothing has changed the sentiment is worsening by the second as more believe that what was once thought the prime of the credit squeeze was only the tip of the iceberg and the banking industry is still to suffer further.

One way betting is again off the table as investors are prompted to reduce their risky assets once again sparking the low yielded Japanese currency to gain against most active majors, especially as seen against the Canadian and Australian dollars in which both currencies later this day await Central Banks' decisions where rates are to stay intact at 4.50 and 6.75 percent respectively.

Fundamentals today from our major economies take time to stretch as what's yet to come is wired with explosive volatility, whether it was interest rates from the European continent or the godfather of all reports, the American nonfarm payrolls!!!

Trading in the wee hours has been limited to narrow ranges up till the hour of this report, yet the market still withholds momentum to take it to the next level, the Japanese yen remains well anchored at stronger levels against the US dollar as investors buy back the yen; consolidating below the 110.55 closer to the 109s again as the pair tested the area once more reaching as low as 110.12 while it opened recording its highest at 110.53, nevertheless the pair still acquires strong downside momentum and sure to see lower levels by day end.

The 13 nations' currency has ended yesterday a four-day correction in downside motion and started today inclining; once again paring the gains after setting a high at 1.4695 attempting the 1.47s, falling then to set the low at 1.4641 in this trading hour.

Sterling has taken trading to higher grounds after yesterday's strong manufacturing survey prompted investors to trim bets on a rate cut this week; as of this morning the royal currency is little changed recording a high of 2.0672 and the weakest for the pound was set at 2.0625; now the pair is traded around 2.0645-2.0650.