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The EURUSD was at 1.2270 while EURJPY traded at 112.63, poised for a sixth monthly loss amid concerns Europe's efforts to reduce fiscal deficits and stem a sovereign-debt crisis will undermine the region's recovery. The EURJPY fell for a second day ahead of a report today forecast to show European confidence in the economic outlook was unchanged in May, snapping two months of advances. An index of executive and consumer sentiment is expected to be at 100.6. EUR has slumped 7.9% this year amid concern swelling budget deficits will lead to government defaults and an eventual breakup of the EU. Fitch on Friday stripped Spain of its AAA credit grade, saying the nation's debt burden is likely to weigh on economic growth. The EURUSD's 14-day stochastic oscillator stayed for a sixth day below the 20 level that signals that an asset has fallen too quickly and is poised to rise. USDJPY climbed to 91.38 while EURJPY rose to 112.63 as the JPY weakened against its major counterparts amid speculation political turmoil will dent the currency's safe-haven appeal after Japan's Social Democratic Party left a three-way coalition government. The JPY also fell after a poll showed that more than half of the nation's voters want Prime Minister Hatoyama to resign. Japan's industrial production increased 1.3% (prev. 1.2%, exp. 2.5%) less than economists forecast in April, the latest sign that the economic recovery may be losing momentum. RBA will probably leave the overnight cash rate target at 4.5% tomorrow unchanged after the most aggressive round of increases restrained retail sales and slashed mortgage lending by a quarter. Loans provided by banks and other finance companies gained 0.2%, the smallest gain since November, lending to home buyers rose 0.5% (prev. 0.7%), dwelling price growth slumped to 0.3%. That follows reports this month showing home-loan approvals dropped 25% to the lowest level in nine years. Investors boosted bets this month that Governor Glenn [...]

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The EURUSD dropped to 1.2321 and has fallen 7.3% this month curbing yesterday's 1.5% rally amid expectations stricter financial regulation in the wake of Europe's debt crisis will curtail the region's growth. The EURJPY was at 112.37, having dropped 0.7% this week heading for a fifth weekly loss as Japan's Finance Minister Naoto Kan today said the G20 summit next week may address the crisis' impact on currencies and financial regulations. The EUR headed for a monthly drop after US Treasury Secretary Geithner yesterday said the US and Europe are in "broad agreement" on the need for tighter market regulation. USDJPY rose to a one- week high of 91.37 before a report forecast to show US consumer spending gained 0.3% and incomes climbed 0.4%, adding to signs the nation's economic recovery remains on track. The JPY fell against the AUD and NZD as Asian stocks rose and before a report forecast to show on May 31 Japan's industrial production advanced 3% (prev. 1.2%). Japan's unemployment rate unexpectedly rose to 5.1% (prev. 5%), losing a net 280,000 jobs, Retail sales rose 4.9%, household spending dropped 0.7% (exp. 2.5%) and deflation deepened, signaling domestic demand is restraining the nation's recovery from its worst postwar recession. Consumer prices excluding fresh food slid 1.5% (prev. 1.2%) after government figures showed an extended rebound in exports, driven by demand from Asia's emerging economies, and highlight Japan's reliance on trade to sustain growth. Finance Minister Naoto Kan said he will try to spur employment that's "crucial" to overcoming price declines. The drop in consumer prices was exacerbated by the government's introduction of a waiver on high school tuition fees to assist households. The BOJ has estimated the step will lower core prices by about 0.5%. The BOJ has faced pressure to fight deflation from the government, whose ability to spur the economy is constrained by record public debt. Kan has been urging [...]

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