The US dollar was broadly weaker this morning with some exceptions in choppy trading after the release of the communiqué from Korea's G20 meeting which broadly called for a commitment to look for dangerous imbalances in both trade and currency markets. In other positive news the University of Michigan consumer sentiment index rose to 69.3 this month compared to 67.7 for October. Look for the dollar to benefit from safe haven flows against its European counterparts as further concern over the European debt crisis takes center stage coupled with a broad concern of a global recovery. The euro initially gained ground today against the dollar after a statement from France, Germany, Italy, Spain and Britain, issued at the Group of 20 summit released stating bondholders would not be forced to write down the value of their holdings in the event of a new euro zone bailout. The euro quickly weakened though after rumors released discussing a rescue package for Ireland, which Ireland's finance ministry later denied. Look for euro sentiment to remain bearish as renewed concerns over Euro zone countries comes back into focus. Sterling initially fell against both the dollar and euro before recovering substantially against the greenback after rumors came out that Ireland may soon be receiving a bailout. Look for the pound to continue to hold close to a key technical resistance level of 1.6185. With analysts focusing on debt problems in Ireland look for sterling to remain under selling pressure. The Japanese yen fell close to 15-year lows with Japanese exporters selling against the higher dollar. With the 50-day moving average of 82.70 holding, look for the yen to remain within an 80.00-83.00 range. The Canadian dollar weakened against the greenback as demand for risk waned over fiscal concerns in the Eurozone. With no Canadian data out today, look for the loonie to remain weak and track the negative global market sentiment. The market will turn its attention to data out next Tuesday when the release of manufacturing sales data may strengthen Canada's currency. The Australian and New Zealand dollars saw their biggest weekly losses in three months fueled by a broad sell-off in commodities. Also fueling the sell off was renewed concerns over Europe's fiscal issues, as well as concern over China further tightening monetary policy. Also hurting the kiwi was concern over New Zealand's NZ$1 billion kiwi fruit industry looking increasingly likely that the outbreak of a bacterial disease is still posing a threat.

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