EU session review: Yen declines as stocks advance amid Greece bailout

Data released:
07:15  Switzerland Consumer Price Index (MoM) (Apr)     0.1%    0.5%    0.6%

The yen slid against most of its peers as stocks rose and Greece’s newspaper Kathimerini said the International Monetary Fund is arranging fresh aid for Greece, sapping demand for the currency as a haven.
The euro fluctuated against the dollar after the newspaper reported the IMF is arranging an 80 billion-euro ($114 billion) to 100 billion-euro plan, without saying how it got the information.
European Central Bank Executive Board member Lorenzo Bini Smaghi said a Greek debt restructuring would leave the nation’s banks “on their knees.”
German Chancellor Angela Merkel today refused to commit to more aid, saying that it is still too early to decide whether the Greek government will need further financial help to overcome the debt crisis.
The British pound weakened on speculation the Bank of England may lower its economic growth forecasts.
The Swiss franc declined after a report showed consumer-price gains slowed in April.

EUR/USD slowly recovered from $1.4270 to $1.4370 before it set stable within the $1.4320/70 range.

GBP/USD fell to $1.6330 lows, but managed to recover to $1.6368.

USD/JPY rose to Y80.90,  but failed to break above the figure and retreated to Y80.50.


At 1230GMT US  Import/Export Price Index is expected to a 1.8% m/m gain for the Import Price Index.
At 1400GMT US Wholesale Inventories data is due.