Currency markets still seem to have failed to react to news of a major global central bank merger to pump liquidity into the financial system to curb the banking crisis from getting worse.
In contrast, safe-haven trading surged higher in the Asian and European sessions, which saw the yen rise to a 5-week high against the greenback.
Compared to the euro, the yen rose around 0.6% and rose 0.4% against the pound so far in the European session.
Even so, the swiss franc and the US dollar are not investors' choice as safe-havens following the Credit Suisse crisis and caution ahead of the FOMC policy meeting this week.
This is seen in the trading movement of the swiss franc traded down 0.3% against the euro and the US dollar, while against the pound it fell 0.5%.
Investors appeared to be reluctant to accept the purchase of Credit Suisse by UBS, with Credit Suisse shares plunging 60% and UBS down 10% at the open of the European session today.
Meanwhile, the US dollar moved flat as investors took cautious steps ahead of the Federal Reserve's (Fed) policy announcement early Thursday (Malaysian time).
However, the currency king may show more clear price movements in the coming New York session as the Wall Street stock market opens.
