Once again, the Japanese Yen and the US Dollar have taken control of the spotlight in the FX market. The safe haven Yen continues to be the currency of choice for investors uncertain of the future of the global economy. Meanwhile the Dollar is getting hammered from all sides on expectations of any rate hike this year disintegrate. The USD/JPY pair, in fact, had earlier dipped to a level last seen in late 2014. Essentially, mood among FX traders remains quite fragile.

As reported at 10:58 (BST) in London, the USD/JPY pair was trading at 108.2800 Yen, a drop of 1.35% for the Dollar; the pair ranged from 108.0395 Yen to 109.8360 Yen in today's trading. The EUR/JPY is also lower at 123.3930 Yen, down 1.34%; today's low price was at 123.1395 Yen while the high was at 125.2295 Yen.

ECB Scrutinized for Reaction to Euro's Rise

The Euro is also seeing some increased interest from the FX market, though primarily as a carry trade currency. The common currency has risen steadily against the greenback since December, gaining more than 8%. That appreciation of the Euro flies in the face of Mario Draghi's intent to make the currency more attractive which would encourage export growth. That has market players wondering how the European central bank's governing council might react. Later today, several members, including Mario Draghi, will be speaking in Portugal. Moreover, the ECB's last policy minutes are due out shortly which should provide additional clues as to how the ECB might push forward. The EUR/USD pair is currently trading flat at $1.1394 with the pair's daily range at $1.1361 at the low end and $1.1455 at the top end.