Once again in Asia, risk currencies made nice gains at the expense of the US Dollar. With another day of higher stocks in the US and a greater deal of optimism about the global economy, traders continued the recent trend of buying riskier assets including metals and oil. As the markets continue to trample the Dollar murmurs that the buck is oversold could be heard getting gradually louder. That doesn't mean that anyone is listening as even rumors of the FOMC raising rates at their next meeting couldn't give the greenback a sustained boost. But with the throngs of investors flocking to buy stocks, metals, commodities and high yielding currencies, the question of when does the price get too rich should stay in the back of your mind.

After a NY session that saw a new yearly high of 1.4735 in the EUR/USD, the Asian session fell a few pips short of breaking through that level as the pair entrenched itself firmly above the 1.4700 level. The EUR/JPY was boosted by Euro strength as well as higher equities as it drove higher by 60 pips to 134.25 levels. Other crosses performed as well on risk appetite, with GBP/JPY touching 150.37 and CHF/JPY tapping an 88.38 high. USD/JPY was steady near the 91.00 figure as Japan's new Finance Minister Hirohisa Fujii stated he was opposed to yen intervention unless the moves were drastic. As expected, the BOJ left rates unchanged at 0.10%

The big winner of the day was the Aussie Dollar, which associated with commodities such as gold, oil and coal was able to make a new yearly high of 87.57. The upward momentum in this pair has been hard to stand in front of as its moved a solid two big figures since Monday. AUD/JPY pushed higher as well, but couldn't break the 79.80 level.

Some important data out of the US tomorrow including Unemployment Claims, Housing Starts and Building Permits, which if better than anticipated, could continue to help add to the Dollar woes.