The US dollar and euro did very well on Thursday, while the yen dropped in comparison. Investors, temporarily confident about the US mortgage crisis, have returned to riskier, higher yielding ventures. So, while Asian and European stocks are going strong, the yen will suffer until the next scare. Reuters reports:

Eyes are now turning to the European Central Bank’s interest rate decision. Expectations of a rate hike from the ECB have diminished since a credit market squeeze that has forced the bank to inject liquidity into the banking system. Most analysts now expect rates to be kept on hold at 4 percent.

Read more: Yen slips as risk appetite edges back