After yesterdays wave of Dollar selling on the back of a strong 30 Year Treasury bond auction and renewed risk appetite and higher commodities, the Greenback managed to make back a little ground late in the Asian Session. Although most pairs were content to be range bound ahead of the weekend, a small push higher for the dollar helped break out of the ranges heading into the London session.
EUR/USD traded between 1.4129 and 1.4091 for the better part of the day, and then as the day wound down, the pair slid to a 1.4069 low. The GBP/USD pair saw similar moves, touching 1.65970 early on, and later dropping to 1.65170 lows.

Profit takers victimized the commodity based currencies down under, taking advantage of their recent dynamic gains in connection with the global commodity boost and risk appetite. AUD/USD fell off a 0.8211 perch early in the session, finally landing at 0.8123 before a little 30 pip bounce higher. AUD/JPY was weaker as well, dropping almost 80 pips to 79.42, but like the Aussie, bounced higher late in the day. NZD/USD dropped a smaller 40 pips, and NZD/JPY sluggishly made gains on the day after better than expected Retail Sales data.

USD/JPY made moves from 97.47 to 97.94 as Chinese Retail Sales and Industrial Production both beat expectations, thus adding hope that China would help to pull the world from the global economic mess. All in all, a subtle end to the week ahead of what should be an uneventful G8 meeting in Italy over the weekend. Nonetheless, it is hard to foresee what magnitude of statements comes out of these meetings, and that is usually what fuels the moves in FX. Have a nice weekend.

Upcoming Economic Data Releases (London Session) prior expected

6/12/20096:00GE Wholesale Price Index (MoM) MAY 0.10%0.10%
6/12/20096:00GE Wholesale price Index (YoY) MAY -8.10%-9.00%
6/12/20099:00EC Euro-Zone Ind. Prod. sa (MoM) APR -2.00%-0.40%
6/12/20099:00EC Euro-Zone Ind. Prod. wda (YoY) APR -20.20%-19.80%
6/12/200911:30EC ECB's Trichet Speaks at Event in Sofia 12-Jun