Daily Forex News

Tuesday, the US dollar soared to a 3-month high against the Japanese yen on expectations that additional measures by the U.S. government may help to stave off a further deterioration in the financial sector. On the other hand, the dollar pared its early Asian session’s gain against the currencies of UK, Europe and Switzerland. The dollar thus fell from a 4-day high against the euro and the franc.

In early European trading on Tuesday, the Canadian dollar extended its Asian session’s downtrend against the aussie and the euro as the crude oil prices fell toward $38 per barrel today on growing economic worries after U.S. stocks slumped to a 12-year low yesterday.

Rebounding from an early Asian session low, the Australian dollar surged to a 15-day high against the Japanese yen during early European deals on Tuesday. The aussie also climbed to a 4-day high against the euro. Meanwhile, the aussie recovered from a 4-day low against the greenback and a 6-day low against the loonie.

Tuesday in Asia, the Japanese yen plunged to its lowest level in nearly 3-months against the dollar as problems in the global financial system continue to multiply as massive credit losses and recession fears weigh on lenders.

Tuesday morning in Asia, the US dollar soared to near a 3-month high against the Japanese yen. On the other hand, the dollar pared its recent gains against the currencies off UK, Europe and Switzerland. The dollar thus eased from a 4-day high against the euro and the franc.

The Australian dollar that weakened against its most major counterparts in early Tuesday Asian trading reversed direction around 7:20 pm ET. The Aussie thus recovered from a 4-day low against the greenback and a 6-day low against the loonie. Meanwhile, the Aussie remained higher against the European currency.