The US Dollar slipped again in Asian trading as influential ECB Board member Axel Weber let the hawkish verbiage fly, stating that any talk of a Euro Zone rate cut was very premature. Also helping to make the Euro the flavor of the day was the continued increase in oil prices, as Hurricane Gustav continued to hone in on the US Gulf region and its oil rigs. EUR/USD began its journey tonight right at its lows of 1.4720 and just took off from there to its eventual highs of 1.4806. EUR/GBP made a profound move as it blew through stops to a 0.8061 high, an area not tread on since April. EUR/JPY made a new high of 162.01 mid-way through the session, and then systematically slid to new lows of just under 161.00 as the session came to a close.

USD/JPY looked weak all session, falling about 60 pips to just under 109.00, as a story released from a Japanese newspaper stating that the US, Europe and Japan were set to intervene on behalf of a troubled US Dollar back in March had little to no effect on the market. Tomorrow we will see a bunch of Japanese data, including CPI, industrial production, unemployment, and household spending.

Upcoming Economic Data Releases (London Session):