The US dollar weakened against the Euro and Yen in afternoon session as investors bet the Feds my cut rates to prevent a recession. The rising number of jobless Americans, declining consumer spending along with continued weakness of the housing and financial sectors amplify fears that the US economy would soon be in a recession.

It looks like the currency market is something of volatile today as rate verdicts due from both the ECB and BOE with no firm harmony as to precisely how the central banks will act. Caution ahead of Mr. Bernanke