With the influences of the crisis in Turkey, the Japanese bond devaluation and the mixed economic data out of Europe wearing off toward the close of the week, the markets are quieter today. The dollar is slipping against most currencies, albeit just slightly on the rebound of the euro and yen.

Yesterday afternoon saw

Standard & Poor's

downgrade Japan's sovereign bonds, a move that caused the yen to drop. But, by this morning, the yen was able to shrug off the downgrade, on the acknowledgement that S&P's move was due, as

Moody's Investors Service

downgraded the same debt two years ago.

The yen has erased all of yesterday's losses, and more, by early trading in New York. The dollar was most recently trading for 116.34 yen per dollar, down from 117.11 at the close of trading yesterday.

The major news of the week was the Turkish economic crisis, started when two government officials, the prime minister and the president, got into a squabble, which eventually led to the Turkish lira dropping its pegged currency regime for a floating currency on Wednesday. The switch has led to a further devaluation of the lira, which has depreciated almost 38% this week. The lira is now trading for approximately 1.1 million lira per one U.S. dollar.

The good news is that the depreciation of the lira is slowing and, as hoped by Turkish officials, the market reaction to the fiasco is being contained. The euro, largely weakened as a byproduct of the crisis due to its close proximity in financial trading and worries about its overall stability, has also begun to recoup a bit of the week's losses.

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The euro was recently trading up just slightly on the dollar, at $0.9067, a small step above its closing price of $0.9048 yesterday.

The yen strength is out-muscling the euro bounce today, with the euro trading most recently down at 105.46 yen per euro. The euro was priced at 105.95 euro per yen at the close of trading yesterday.

Like the recently acquired

Philadelphia 76er,

Dikembe Mutombo, the Polish zloty is also poised for a rebound. The zloty is a closely watched emerging markets currency. Recovering slightly from its downward tumble as the depreciation of the Turkish lira slows, the zloty is coming of its lows set yesterday. The zloty bottomed to two-month lows vs. the dollar and three-week lows against the euro Thursday. But due to Poland's relatively high interest rates, ranging between 19%-23%, Polish assets are still attractive to foreign buyers, putting money back into the country, causing the zloty to strengthen, according to

Reuters

. The zloty was recently trading for $0.241.

Trading ranges are small for the dollar against the other major currency players as well today. The British pound is gaining a little value on the dollar, recently trading for $1.4492, up from where it closed yesterday at $1.4464.

The U.S. currency is a small step away from yesterday's close on the Australian dollar, as the Aussie buck was recently at $0.5213, down from $0.5246 on Thursday.

Our neighbors to the north are joining the majority this morning and posting small gains on the U.S. dollar. The U.S. currency was most recently trading at C$1.5380, down just marginally from C$1.5386 yesterday.