The main feature of Asian trade has been across the board weakness in the JPY. USD/JPY having closed out Wednesday in North America around 93.50 is up at 94.15, while EUR/JPY is up at 134.10 from around 132.85.

At least part of the JPY selling seems to be related to new Toshin launches tomorrow, with talk of strong demand for high-yielding currencies against the JPY lined up for the Tokyo fix tomorrow.

It was also interesting to hear reports China was a buyer of the GBP/JPY cross in the low 153,s yesterday. That cross presently trades up at 155.20.

Risk appetite in general remains in good nick and this will ofcourse be weighing on the JPY.

EUR/USD remains narrow rangebound, presently at 1.4240. Talk of good bids down at 1.4140/50, sell orders at various levels from 1.4250 up through 1.4300.

For today, European data releases as follows;

06:45 GMT: French business confidence indicator for July expected 77

08:00 GMT: Euro zone current account for May

08:00 GMT:Italian retail sales May expected +0.10% m/m, +0.30% y/y

08:00 GMT: Italian trade balance non-Eu for June

08:30 GMT: UK retail sales for June expected +0.30% m/m, +2.10% y/y

08:30 GMT: UK BBA loans for house purchases for June.