The American dollar and Japanese yen increased today against the major currencies as the global economic recovery is losing momentum as the market is waiting the ECB to get a solution to solve the financial crisis that threatens global recovery cycle, bolstering the demand for safe haven currencies.

Moreover, the common currency dropped to the lowest level in more than a year versus the US dollar and the yen as European leaders won't be able to contain the region's debt crisis and Greece may default on its debt.

On the other hand, New Zealand's dollar extended its second week of losses against its U.S. counterpart after Standard & Poor's cut the nation's credit ratings from AA+ to AA last week, which has a heavy negative impact on the currency's movement.