Attention was turned to the European labor markets and the data there was decidedly mixed.

The yen gave back all of its gains from yesterday even as the Shanghai index dropped by 6.50% overnight.

Today's strong Japanese employment and spending data was just the cure for the long ailing yen bulls as it demonstrated that the country's recovery is finally filtering down to the consumer.

The one economic release today was significant as it showed that prices in Japan's Corporate Service Sector rose by 1.1% versus 0.6% expected reaching a 9-year high.

Currency strategist Boris Schlossberg analyzes the major currencies for the week of May 28.

Currency strategist Boris Schlossberg analyzes the major currencies for the week of May 21.

Currency strategist Boris Schlossberg analyzes the major currencies for the week of May 14.

Currency strategist Boris Schlossberg analyzes the major currencies for the week of May 7.

Currency strategist Boris Schlossberg analyzes the major currencies for the week of April 30.

Tuesday’s very ugly existing homes sales numbers have once again fueled speculation that weakness in the housing sector will spill over into the overall US economy, tipping it into a recession.