The safe haven Yen continued to slide in Asia as investors look to the future with the optimistic view that the economic crisis is winding down, thus boosting demand for higher yielding assets, including the commodity based Aussie and Kiwi dollars. USD/JPY began the Asian session near 96.60, about 40 pips lower than the NY high and although touching 96.90, exited the session close to 96.75. EUR/JPY fell out of the opening gate to the session low of 136.84 and subsequently blasted off to the session high of 137.67 before losing steam back through the 137.20 region by London's morning. Although the action in Asia was calm and collected, the Dollar made slight gains against the Pound and Yen, and was steady versus the Swiss and Canadian dollars. Most traders looked to position themselves ahead of tomorrow's US employment data, which should be the main as well as final event of the week for the Dollar. The consensus is that the US unemployment rate will rise from 8.9% to 9.2% and the economy will shed 520,000 jobs in May. With everything but a disastrous number already factored in to the market, it might be some time until the riskier trades are knocked of track. EUR/USD looked to end the week higher, but finished up the day in Asia right where it left off near 1.4190 after recording a 1.4215 high and a 1.4162 low. Enjoy the weekend....

Upcoming Economic Data Releases (London Session) prior expected

6/5/20097:15SZ CPI (MoM) MAY 0.90%0.20%
6/5/20097:15SZ CPI (YoY) MAY -0.30%-0.90%
6/5/20097:50EC ECB's Trichet Speaks at Event in Warsaw 5-Jun
6/5/20098:30UKPPI Input NSA (MoM) MAY -1.00%0.80%
6/5/20098:30UKPPI Input NSA (YoY) MAY -5.00%-8.30%
6/5/20098:30UKPPI Output n.s.a. (MoM) MAY 0.60%0.40%
6/5/20098:30UKPPI Output n.s.a. (YoY) MAY1.20%-0.40%
6/5/20098:30UKPPI Output Core NSA (MoM)MAY0.40%0.30%
6/5/20098:30UKPPI Output Core NSA (YoY) MAY2.40%1.20%