Overall, the dollar found very easy sellers yesterday, in the last overnight session. However, the greenback had a strong recovery during the U.S. session, which seems to have continued in tonight’s Asian session. The currency market is again shedding any risk away, and uses every opportunity to buy the dollar, seen as a safe haven. Overall, the majors moved relatively strong in the Asian session.

The Euro (Eur/Usd) rose for the first time in the last eight days of trading. The euro advanced nearly 200 pips during the intra-day session, but had to give back a part of its gains after it bounced off the 1.2750 resistance area. In the Asian session, the euro was sold some 60 pips lower.

The Pound (Gbp/Usd) rose almost 200 pips in the last Asian and European sessions, but it also fell 160 pips in less than an hour during the U.S. open. The strong decline seen in the U.S. trading hours made the pair fall for the fourth consecutive day to break (and hold) above the 20-day moving average.

The Aussie (Aud/Usd) advanced 150 pips in the last overnight session, but gave back almost half of its gain during the U.S. session. In tonight’s Asian trading hours, the aussie declined another 50 pips, trading very close to the low of the last day of trading.

Reserve Bank of Australia Governor Glenn Stevens addressed the House of Representatives today in Canberra. The Governor highlighted several important topics to take note of: the RBA believes that the worst of the turmoil was short-lived but that the events had a severe impact on the outlook of the global economy; Governor Stevens believed that the amount of liquidity provided to banks helped in stabilizing what could have been a catastrophic meltdown of the global financial system.

The Cad (Usd/Cad) retested the 1.2500 support area, but the cad failed to close beneath it. The cad fell during the European session almost 150 pips, down to TheLFB S2 (1.2465), but moved up again during the U.S. session. In the Asian trading hours, the cad rose 45 pips, testing the high reached in the last U.S. session.

The Swissy (Usd/Chf) found the strength to close 40 pips lower for the first time in the last few days. During the European session, the Swiss Franc was trading lower against the dollar, even though every other major currency was advancing against it at that time. Later, during the U.S. session, the swissy reversed those earlier declines. Tonight, in the Asian session, the swissy advanced 55 pips.

The Yen (Usd/Yen) strengthened for a third consecutive day, and closed near the 100-day moving average. This is the first time since September that the yen touches the moving average. The pair gained 50 pips yesterday, even though the S&P futures traded in the red most of the U.S. session.