With the big moves of the day taking place in the NY session as risk aversion was abandoned with positive earnings in the US, the action in Asia was tiresome at best with most currencies flat on the session. Traders dumped the dollar and the yen in NY as they sought out higher yielding risk assets amidst the perception that the US economy was emerging from the worst of the crisis. Both currencies remained in the basement in Asia, with USD/JPY entering the session at 93.50 and exiting the session near the same rate, with only a 26 pip range all day.
EUR/JPY traded lazily as well, moving between 130.95 and 130.45 in a tight 50 pip range. The Bank of Japan left rates unchanged at 0.10% as expected, but this news was rendered meaningless as the Yen barely noticed. The big move of the day had to be in the EUR/USD as traders shook off poor German ZEW data and pushed the pair to 20 pips worth of gains from the 1.3965 open. All in all, the session suffered from a lack of excitement, however, upcoming data should help appease those traders looking for volatility. Later, London starts things off with UK Claimant Count Change followed by Core CPI data and FOMC Meeting minutes in the NY session. Asia will surely be watching a slew of data out of China including GDP, Industrial Production, CPI and PPI for tell tale signs as to where the global economy is headed.

Upcoming Economic Data Releases (London Session) prior expected

7/15/20097:15SZ Retail Sales (Real) (YoY)MAY 1.20%- -
7/15/20098:30UK Claimant Count RateJUN 4.80%5.00%
7/15/20098:30UK Jobless Claims ChangeJUN 39.3K41.3K
7/15/20098:30UK Avg Earnings inc bonus 3M/YoYMAY 0.80%2.10%
7/15/20098:30UK Avg Earnings ex bonus 3M/YoYMAY 2.70%2.60%
7/15/20098:30UK ILO Unemployment Rate (3mths)MAY 7.20%7.40%
7/15/20098:30UK Manu.Unit Wage Cost (3Ms/YoY)MAY9.40%- -
7/15/20099:00ECEuro-Zone CPI (MoM)JUN0.10%0.20%
7/15/20099:00ECEuro-Zone CPI (YoY)JUN-0.10%-0.10%
7/15/20099:00ECEuro-Zone CPI - Core (YoY)JUN1.50%1.50%