Despite very thin trading during this holiday week, the Euro saw some gains in early morning trading today versus the U.S. Dollar. Meanwhile, the Japanese Yen lost ground against the Euro, as investors risk aversion eased somewhat. Last week, the Euro saw significant losses against the U.S. Dollar; as a daily percentage, trading was at its lowest point in almost 2 months. All indications show that investors and analysts alike believe that the Federal Reserve rate cut was too severe.