ForexLive Asian Wrap Up

German lawmakers expected to back European aid package today. IMF's Lagarde says early detection of risks and provide timely policy advice is critical. Moves to strengthen surveillance of members economies. Geithner says reforms require major changes in financial system . Urges additional reforms for money market funds.  Firms failure prove importance of Dodd-Frank, cites abuses' surrounding Libor. RBA's Heath says Libor problem is for British , Australian financial system is working efficiently. Australian NAB 2Q business confidence slips to -2 . States activity in 2Q appears to have softened. A weak U.S. dollar across the board today . Eur rally faded near the reported selling interest at 1.2300 touching a high of 1.2297 . Currently back at 1.2290 level.  Usd/Jpy slowly  drifted lower testing the support and buying interest at the 78.50 level  with building below 78.40. No signs of intervention with the  big surprise being  no comments from BOJ on Yen strength . The Aussie $ remains firm taking out stops above 1.0380 and briefly flirted with the 1.0400 handle.   Good luck today