The yen heads for its biggest weekly gain in more than a month against the dollar, on tensions in Ukraine and the Chinese economy.
Boris Schlossberg, Managing Director at BK Asset Management, says the European Central Bank's rare shift in stance changed trading sentiment for the currency. He also commented on the Aussie's recent rally.
Fears the crisis in Ukraine could intensify led traders to the safe havens of the Japanese yen and Swiss franc.
Investors can look to the New Zealand dollar for buying opportunities, in particular against the Australian dollar which is likely to head lower in coming months, says Ed Ponsi, Managing Director at Barchetta Capital Management.
Concerns about China and other developing economies weakened the Australian dollar and currencies closely linked to commodities markets.
The ECB's forward guidance may adjust policy to tighten the slack in the Euro zone economy, a senior ECB official said.
The U.S. dollar was supported by hopes U.S. job growth would pick up in the wake of last week's data.
Steven Englander, global head of G10 foreign exchange strategy at Citi, says the Chinese export data must be read very carefully and discusses the data's impact on the Australian dollar.
Commenting on Monday's rout in Australian resources stocks due to poor\ Chinese trade data, Philip Parker, Chairman & CEO, Altair Investment Management, says the selloff may have been overdone.
Sacha Tihanyi, Senior Currency Strategist at Scotiabank, says China's poor trade data is not the only factor weighing on the Australian dollar.
Unexpectedly strong non-farm payroll data boosted the dollar, despite the cold winter across much of the United States.
Dominic Bunning, FX Strategist at HSBC, says the Australian central bank's statement on Friday may not have much of a impact on dampening the Australian dollar's recent rally.
The euro added half a cent after the European Central Bank left interest rates unchanged.
The Australian dollar is on a rally against the greenback on Thursday. However, Khoon Goh, Senior FX Strategist at ANZ, says in the medium term, the Aussie will likely hit $0.84 by the year-end.
The yen extended its losses against the dollar and euro as concerns over the standoff between Russia and Ukraine eased somewhat.
The dollar, ruble and euro rose against the yen on Tuesday, helped by signs Russia may want to avoid more military action in Ukraine.
Ukraine tension shakes investors, who head for the greenback on strong US spending data.
The dollar fell to a two-month low against the euro after data showed euro zone inflation unexpectedly held steady this month.
Fears over a Russian intervention in Ukraine and a Chinese slowdown sent traders to the Swiss franc and Japanese yen.
Putin's war games in Ukraine and a government report showing new housing sales at five-year highs both boosted the greenback on Wednesday.