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Japan’s Industrial Production managed to strengthen for a fourth straight month in June by 2.4%. While improving, the metric gained at the slowest pace since March

The Euro tested below 1.39 while the British Pound sank to as low as 1.6063 in overnight trading as stocks fell for the sixth consecutive day on Asian exchanges, offering support to the safety-linked US Dollar.

The broader currency market is still struggling with congestion; but this consolidation isn’t conforming to clear technical levels. This means the USDJPY range opportunity that we have highlighted should be treated with care

•??? British Pound Plunges as UK Industrial Output Unexpectedly Contracts •??? Swiss Franc Remains Range-Bound vs. Euro, SNB Intervention Risk Looms •??? Australian Dollar Down with Carry Trades, RBA Signals Potential for Further Rate Cuts •??? Canadian Dollar Drops Despite Jump in Canadian Ivey PMI, Building Permits US Dollar, Japanese Yen Surge as DJIA, S&P 500 Tumble to Key Levels - G8 Summit Adds to Event Risk The US dollar and Japanese yen both saw extremely choppy price action, and ultimately ended the day up against the majors as risk aversion drove FX carry trades and equities lower. However, where the S&P 500 and DJIA closed leave very mixed signals, as daily charts of both indices show head and shoulders patterns, but the former ended the day just above its neckline of 880, while the latter made a bearish break below its neckline at 8260.

Fundamental Headlines • China’s Exports Signal Recovery – Wall Street Journal • EU Finance Minister Aim To Cut Risk – Wall Street Journal • Judge approves plan to sell GM assets – Financial Times • Earnings Drop Worldwide as Job Losses Hurt Consumers – Bloomberg • Biggest VIX Drop Hides Options Bets S&P 500 Will Fall Hiring – Bloomberg EURUSD – The European Sentix investor confidence indicator unexpectedly fell to -31.3 from -27 as the outlook for a robust recovery has started to dim. Concerns are growing that the level of global unemployment will make any rebound formidable and the possibility of a double dip recession is still alive. The ECB left rates unchanged and failed to add to their quantitative easing measures, but left the door open for further easing.?? Discuss the topic and your trade ideas in the EUR/USD Forum.

The Pound fell over 200 pips following a report that the BoE will announce additional quantitative easing at their upcoming policy meeting.

JPY traded on a firmer footing, with risk appetite waning amid fresh concerns over the global growth outlook after the recent U.S. employment numbers. Ahead of the G8 meeting the dollar’s reserve status is the subject of fresh debate, which has also encouraged a reduction in risky positions and beneficial for JPY due to a general flight to low yield currencies.

GBP experienced downside pressure as risk appetite waned on Monday. Cable fell in Asia and saw good selling early on in the European session to trade at 1.6222 lows, which provided support for EUR-GBP and it traded in to the 0.8600 region

Trade figures for Japan came in weaker with merchandise trade showing sharp annualized declines in exports and imports. Meanwhile, the OECD revised its…

As expected, the Bank of Japan left its overnight policy rate steady at 0.10%, for the eighth consecutive meeting. The Board felt that recent developments…