The dollar still trades within early Asian set ranges regaining some of its acquired losses in yesterday's session, yet the currency remains weak against its major rivals. The relative stability seen in markets is merely nothing but anticipation ahead of tomorrow's awaited FOMC rate decision, expectations are still mounting as to the fed to shed another 50 basis points off their benchmark especially after yesterday's new home sales data that did not reflect any added sense of stability to the market despite the feds relentless efforts to bottom up the sector to halt the spreading damage to other economic sectors.

Greenback's outlook is not extremely tempting at this point on, as a rate cut is now starting to be priced into the market and still with lingering slow growth potentials, and expectations of a recession will not be eluded unless data proves otherwise. For that the journey is about to begin and the dollar is to further head south extended its long bearish wave.

The European currency is supported as the rest of the market by the ongoing allegations in the market and facts are all majors now are fluctuating on the back of those projections, as they are not entirely backed by their own fundamentals as this is thee American week! The euro traded in a slightly narrow range keeping its Asian recorded highs at 1.4786 falling then to set the lowest at 1.4748; while now the currency gained back the upside momentum and is trading around its previous Asian highs.

Sterling is heading steadily to the upside since the morning, regaining ground against the US dollar to finally breach a strong resistance level to set its highest at 1.9926 and now trades above $1.99 levels; meanwhile the lows sterling set was left at those seen in the Asian early session of 1.9811 and that's until the hour of this report.

The Japanese yen is still leading a mixed signaled session since the morning; after weak reports for leading companies in Japan that affected the equities session and looming economic slowdown in Japan is helping the yen weaken; while the dollar weakness and unwound risky position are the yen's strength points. The currency remains weak whether it was from the country's economic performance or from the low yield it offers and for that the major forces upon it remain market mechanism with Carry Trades and their reversals the driving force. The USD/JPY ranged trade today extended to the lows in the early Asian session at 106.37 while the high remains intact at the opening hour of 107.07; around the hour of this report the pair is trading steadily around 106.70s.