Economists are forecasting a steady bearing for business confidence in this month's IFO report.

In a move to promote two traffic in the underlying Chinese yuan, government officials signed a memorandum of understanding that is set to take effect July 5.

The greenback was generating a little heat on a few second tier-economic releases Thursday morning; but the market was holding back on placing its big positions until the hedge fund mess unfolds or a big indicator comes along to shake things up.

Currency technical analyst Jamie Saettele analyzes the British pound against the Japanese yen, Swiss franc, and Australian dollar.

The 5 wave rally from 1.3261-1.3437 in the EUR/USD indicates that the larger trend is up unless 1.3261 is broken.

The Japanese yen traded back to its multi year lows, hitting 123.73 against the greenback in overnight trade as Trade Balance data showed a far smaller surplus than originally forecast.

Professional system trader Art Collins shares his daily biases in the index, bonds and currency futures markets for June 21.

EUR/USD remains below former trendline support and is bumping up against this level now serving as resistance.

Carry trades continued to rule the currency market as the New Zealand dollar and British pound hit fresh 17- and 15-year highs against the Japanese yen.

Retail sales growth in Canada is anticipated to slow during the month of April, with the headline reading estimated to rise only 1.0 percent after surging 1.9 percent during the month prior.