Data:
00:30 Australia Westpac Consumer Confidence (Jul) -8.3%
02:00 China Retail Sales (YoY) (Jun) 17.7%
02:00 China Industrial Production (YoY) (Jun) 15.1%
02:00 China Gross Domestic Product (YoY) (Q2) 9.5%
04:30 Japan Industrial Production (YoY) (May) -5.5%
04:30 Japan Industrial Production (MoM) (May) 6.2%
05:00 Japan Bank of Japan Monthly Economic Survey
The yen weakened from its strongest level since policy makers jointly intervened in foreign-exchange markets in March amid speculation Japan will sell its currency again to support exporters.
The yen fell versus all its major counterparts after Finance Minister Yoshihiko Noda said its moves have been a bit one-sided. The currency earlier climbed to 78.50 per dollar, the highest since March 17, as concern Europe’s debt crisis is spreading boosted demand for refuge assets.
The Australian and New Zealand dollars rose after data showed China’s economic growth expanded by more than analysts predicted.
Gains in the euro were tempered on concern the region’s debt crisis will spread after Ireland yesterday became the third euro-area nation to have its credit rating cut to below investment grade.
Moody’s Investors Service lowered Ireland to Ba1 from Baa3 yesterday, citing the probability the country will require additional official financing. The outlook remains “negative,” Moody’s said in a statement.
EUR/USD: the pair holds at $1.3960-$ 1.4030.
GBP/USD: the pair holds $1.5900-$ 1.5960.
USD/JPY: the pair grown in Y79.50 area.

At 0900GMT, EMU industrial output for May is expected to rise by 0.4% m/m, 4.8% y/y.
UK labour market data leads the UK calendar for Wednesday, with analysts focused on whether jobs growth will prove buoyant enough to
absorb the slack created by imminent job losses in the public sector, although the axe has not yet been felt fully in many key departments and
won't be until early 2012. The claimant count is expected to come in at 15k for June, leaving the June claimant count rate at 4.6%. The ILO measure of May unemployment is expected to come in at 7.7% with average weekly earnings for May at 2.1% 3m/3m, 2.0% ex-bonus.