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The Hungarian currency declined together following most of Eastern European countries currencies, as a negative performance in Asian stock markets declined attractiveness for riskier assets, spurring demand for safety in dollar and yen priced assets.

Several Eastern European currencies declined today like the Polish zloty and the Russian ruble, mostly influenced by an increase in risk aversion regarding the future of the world economy, since evidences of a complete recovery are still lacking in virtually all economic regions throughout the world. The Hungarian forint also dropped, since Hungary is facing one of the worse recession among the European Union country members.

USD/HUF traded at 190.06 as of 10:44 GMT from an opening rate of 189.30 yesterday.

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The Canadian dollar started this week losing versus most of the 16 main traded currencies as a negative performance in stocks and commodities influenced the loonie’s attractiveness today, as investors opted for the safety of the greenback.

After last week’s declarations from the Bank of Canada affirming that a strong loonie could delay the economic recovery in the North American nation, the loonie’s attractiveness decline, also being affected today by a bearish stock market in Asia and a decline in demand for commodities, erasing the Canadian currency past weeks’ gains.

USD/CAD traded at 1.0974 as of 10:26 GMT from an opening rate of 1.0915 yesterday.

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The New Zealand dollar started this week losing versus the greenback and the yen as higher-yielding currencies attractiveness declined while risk aversion grew among traders globally, shunning investors from assets in the South Pacific region.

After a radio interview in which Allan Bollard, Reserve Bank of New Zealand Governor, stated that a strong kiwi is affecting the nation’s exports performance, the New Zealand currency declined versus most of the 16 main traded currencies, also influenced by a negative performance in Asian stock markets, mainly in China, where the Shanghai Composite Index declined more than 6 percent, decreasing attractiveness for the relatively riskier trading options in New Zealand and Australia.

A decline in the kiwi rates will be extremely favorable for New Zealand’s economic recovery, according to specialists. The bullish patterns perceived in the last two months for the New Zealand currency may delay the recovery in the South Pacific nation, as a strong currency declines competitiveness for a country’s products, but as long as volatility remains high, with multiple reports proving support for contradictory speculations, it will be difficult to determine how well the kiwi will perform, as well as the New Zealand economy as a whole, considering its export-oriented profile.

NZD/JPY traded at 63.45 as of 10:54 GMT from an opening rate of 63.74 yesterday. NZD/USD followed the same trend, being traded at 0.6839 from 0.6815.

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The yen started this week climbing versus several higher-yielding currencies worldwide as Asian stocks declined today, spurring demand for the safety of the yen, which is also benefiting from a new elected party in Japan, renewing hopes for the nation’s socioeconomic future.

A new ruling party was elected this weekend in Japan leading speculators to believe that foreign investors will once again inject capital in the country, since the opposition Democratic Party of Japan brings new hopes for the country which posted last week the highest unemployment rate since the Second World War. Stocks in Asia declined sharply led by the Shanghai Composite Index which declined more than 6 percent, spurring demand for safety among traders and setting the Japanese currency to the highest rate versus the euro in more than a month.

Despite Japanese elections with the opposition party coming out as a winner, the yen’s rise is mostly due to risk aversion, according to analysts. Stocks and other high-yielding assets climbed substantially and the fundamentals are not as positive to provide a solid support for intense bullish days as those witnessed during the past two months. High volatility is still expected for the yen pairs as the future of most global economic regions remains very uncertain.

EUR/JPY traded at 132.90 as of 9:33 GMT from an opening rate this week of 133.71. AUD/JPY traded at 77.97 from 78.71.

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In the end of this week’s session the Canadian dollar pared its previous gains as risk aversion rose this Friday, affecting U.S. stocks performance and also the crude oil, the main Canadian commodity exported to the United States, influencing the loonie’s outlook.

The Canadian currency rose 12 percent versus its U.S. counterpart this year, and since June, Bank of Canada officials are stressing on the fact that a very strong loonie may bring a negative impact to national exporters, and measures to be taken are not ruled out, if the loonie climb further. This month the Canadian currency has been one of the biggest losers versus its U.S. counterpart among the 16 most traded currencies in foreign-exchange markets, losing 1.3 percent as this week ended, which is certainly a favorable scenario for Canadian exporters.

The rally perceived in the beginning of the month which set the loonie to around 1.07 per U.S. dollar raised eyebrows in the Bank of Canada, considering that a stronger currency decreases competitiveness for one nation’s products, with statements regarding this fact already helping to prevent the rally to continue temporarily. It is unlikely that the loonie will rise further, as the national bank already announced that it will take measures to stop its climb, so a rather neutral or bearish trend can be expected for the Canadian currency in the short term.

USD/CAD closed this week at 1.0913 from a previous rate of 1.0863 on Thursday.

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