The Japanese Yen and the common currency Euro both made headway against the US Dollar after demand for higher risk assets dissipated. The US Dollar had earlier recovered ground, gaining nearly 3% versus the Yen, after last week's Oil price slide and a global equities rout contributed to a rise in safe haven currencies. But investors' risk appetite diminished quickly after the Oil minister for Saudi Arabia promised a freeze in production to improve global Oil prices.

As reported at 10:43 am (GMT) in London, the USD/JPY pair is trading lower at 113.7815 Yen, down 0.60%; the pair has ranged from a session low of 113.6450 Yen to a high of 114.8800 Yen. The EUR/USD was higher at $1.1179, a gain of 0.19%; today's trading band ranged from $1.147 to $1.1195.

Commodity Currencies Hold Ground

Currencies linked to commodities had also dipped against the US Dollar but managed to hold their own. The AUD/USD pair was trading at $0.7160, a gain of 0.36% while the USD/CAD was lower at C$1.3789, down 0.34%. The New Zealand Kiwi is the exception, however, dipping earlier today by nearly 1% on speculation that the RBNZ would likely need to lower interest rates following the release of the bank's inflation expectations. According to the RBNZ, inflation is likely to fall nearly 1% over the next two years. The NZD/USD was trading lower at $0.6603, down 0.37%, closer to the daily trough of $0.6589 and well off the session peak of $0.6678.