Fundamentals

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The yen depreciated vis--vis the U.S. dollar today as the greenback tested offers around the 107.45 level and was supported around the 106.25 level. Technically, todays intraday low was just below the 38.2% retracement of the move from 102.65 to 108.55. Data released in Japan overnight saw the economy watchers; index decline for the third straight month in June as the current conditions index weakened to 29.5 from 32.1 in May, the lowest reading since October 2001. Also, June bank lending was up 2.0%, the fastest rise in two years, while the M2 money supply rose 2.3% in June and. Additionally, June corporate failures were up 7.1% and the trade deficit was 230 billion in the first 20 days of June. The Nikkei 225 stock index lost 2.45% to close at 13,033.10. Dollar bids are cited around the 103.00/ 101.35 levels. The euro weakened vis--vis the yen as the single currency tested bids around the 167.20 level and was capped around the 168.55 level. The British pound and Swiss franc moved lower vis--vis the yen as the crosses tested bids around the 210.25 and 103.90 levels, respectively.

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