A subdued start to the last trading week in the month of June that saw the majors oscillating in tight ranges. USD/JPY got a whiff of a bid as it broke above its recent 98.30 highs and made its way above 98.50 abetted in part by the widening yield differentials between the US and Japan. EUR/USD was marginally weaker -vs- the US dollar as simmering issues within the EU appear to be resurfacing. AUD/USD was buoyant early as it tried to alleviate its oversold condition but comments from PM Gillard, who intimated that a weaker currency would be actually be beneficial in the current global economic climate, sent it tumbling back to the 0.9200 level. Gold had a peek above $1300 before turning lower and is currently trading around its session lows of $1290.