The pre-FOMC caution and lull in the marketplace appears to give traders little reason to put on aggressive positions, ... The Japanese yen extended its recent gains as the Mori government upgraded its assessment of economic conditions.

Alex Beuzelin

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The headline number was much higher than anticipated. However, if you strip out the transport component, the number was a little soft. This number is notoriously volatile.

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Ongoing fears of possible Bank of Japan intervention combined with renewed rumors of a possible downgrade of Japan's credit rating also weighed on the yen.

— Alex Beuzelin

U.S. dollar pessimism continues to pervade the foreign exchange market.

— Alex Beuzelin