ForexLive Asian Wrap Up

IMF Lagarde stands by Greece , urges euro-zone action . If European leaders follow through on commitments made at the June summit to tackle the debt crisis "there are reasons to hope the situation will improve". Japan monetary base 8.6% vs 6.2 % forecast. S&P lowers long term rating Cyprus to BB: on negative watch. S&P affirms Germany AAA/A-1+ rating : outlook stable . Azumi speaks : Says IMF and Japan agree Yen appears " moderately overvalued". BOJ's Morimoto usual statement about concerns over European debt etc. Also states BOJ will continue powerful easing by steadily progressing toward the 70 trillion Yen asset buying and loan target . NZ.  ANZ commodity price index falls 0.5% vs prior -2.4%. Australia June trade balance +9mln (vs. -375mln forecast) Australia June retail sales rose 1% (0.7% forecast) Australia 2Q retail sales Ex inflation rose 1.4% ( 0.9% forecast). Italy's Monti to make last-ditch effort to persuade Spain to swallow its pride and accept formal rescue. -The Telegraph Market awaits the ECB  and BOE announcements after the Fed failed to deliver . Euro clawing its way up near session highs after finding support around the 1.2220 level .  Continued short covering ahead of  ECB announcement later  . Offers here at 1.2250 with stops above . Yen a non-event,  trading from lows of 78.40 to highs of 78.50.  Offers here at 78.50 with stops above 55/70/85/ and 79.00. Aussie rebounded after testing support around the 1.0440 level . Near session highs after good retail sales and trade numbers. Don't forget the ForexLive 'Pick the Payrolls' , Win A Prize! contest . Good luck today , have the feeling it could get a little exciting later .