With the start of this week, pessimism remained evident in the market after the death of the North Korean leader, Kim Jong-il, who left political instability and high level of uncertainty behind him, where losses were seen in Asia after the death of the leader as investors are weighing the results of his death negatively.

The U.S. dollar index (USDIX) on the other hand opened the session today in Asia at 80.13, and recorded the highest at 80.48 and the lowest at 80.12, and is currently trading around 80.21.

Moreover, investors are waiting for the results of the euro-area finance minister teleconference, where European officials stressed that European nations will attempt to end the debt crisis this week by providing the International Monetary Fund with more funds and also by providing more long-term liquidity to banks alongside with moving towards tighter fiscal rules, where these measures taken earlier are being discussed as European officials aim to accelerate the implementation of the summit deal in order to restore confidence and quell jitters in the market.

The EUR/USD pair opened this week in Asia at $1.3034, and recorded the highest at $1.3039 and the lowest at $1.2982, and trades now around 1.3020.

Moreover, pessimism widened in the market after Fitch threatened some euro-area nations with a possible downgrade, after lowering the French credit outlook, in the time Moody's cut the Belgian credit rating by two notches to Aa1 from Aa3.

The confidence remains fragile while fears are widely spread in the market as this year comes to an end especially with the high level of volatility and the heavy fluctuations seen in the currencies market, which in result led investors to hold low yielding currencies in order to avert as much risk as possible.

The USD/JPY pair started this week at 77.74 and gained strength to reach a high of 78.16 as demand for safe havens improved, yet the pair retreated then to currently trade around 77.88 after reaching a low of 77.70.

The AUD/USD pair opened the session today at $0.9986, and recorded the highest at $0.9986 and the lowest at $0.9898, and is trading in the moment at $0.9955.