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In his after policy meeting comments, Jean-Claude Trichet commented that he appreciated the U.S. government's declaration that they are committed to a strong dollar, the comment helped keep the Dollars continued losses to a minimum. The Dollar had another rough day on Thursday as investors ponder both the size of the US’s growing deficit and the prospect that the recession is slowing – taking away the Greenback’s safe haven appeal.

The Bank of England left their benchmark interest rates unchanged at a 0.5 percent and stuck to its 125 billion Pound target for quantitative easing, as expected.

The Swedish Crown rebounded from 6 week lows against the euro, brought on by concerns that Latvia might devalue its currency in order to offset the cost of repaying their debt. The Swedish currency is very susceptible to economic issues in Eastern Europe due to heavy investments in the region. The reprieve came after rumours regarding additional support for the Baltic country from the International Monetary Fund were circulated.

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