After a strong run earlier in NY that pushed the Euro to a weekly high of 1.3985, the Euro leveled off in Asian trading and stayed calm between 1.3932 and 1.3974. Many traders attributed the EUR/USD trading in a 42 pip range to investors looking for clues to the next move for the Dollar. The most anticipated data out of the US rears its head tomorrow in the form of Unemployment data and Philly Fed Manufacturing data. Longer term, some investors are looking to next week's Federal Reserve meeting beginning on Tuesday for hints of the next move for Ben Bernanke and if a rate hike is in the cards by year end. Against the British Pound, the Greenback made some slight gains from the 1.64000ish session open, to current levels 30 pips lower. The buck also made ever so slight gains against the Aussie and Kiwi dollars as well. It is an understatement to say that price action was very tame for the day.

Over on the island of Japan, the Yen moved sideways against both the Dollar and the Euro. USD/JPY was stuck in a 37 pip range, exiting the session pretty much where it began it near 95.80. EUR/JPY saw bigger moves but they were very choppy, bouncing from a 134.10 high to a 133.30 low and to all points in between, but it too ended the session close to where it began it at 133.50. GBP/JPY, AUD/JPY and NZD/JPY all had uneventful days, and moved sideways for the most part despite Asian equities all posting losses mostly over 1%. All in all a quiet day in the currency markets...

Upcoming Economic Data Releases (London Session) prior expected

6/18/20097:30SZ SNB 3-Month Libor Target Rate18-Jun0.25%0.25%
6/18/20097:30SZ SNB Holds Monetary Policy Assessment18-Jun
6/18/20098:30UK Retail Sales (MoM)MAY 0.90%0.30%
6/18/20098:30UK Retail Sales (YoY)MAY 2.60%-0.40%
6/18/20098:30UK Public Sector Net BorrowingMAY 8.5B19.3B
6/18/20098:30UK Public Finances (PSNCR)MAY 5.2B16.0B
6/18/20098:30UK M4 Money Supply (MoM)MAY P0.20%0.70%
6/18/20098:30UK M4 Money Supply (YoY)MAY P17.40%17.30%
6/18/200910:00UK U.K. CBI Industrial Trends Total Orders18-Jun