ForexLive North American wrap: Fresh highs for yen crosses

US initial jobless claims 330K vs 355K Markit flash US PMI 56.1 vs 530 exp US leading indicators +0.5% vs +0.4% KC Fed index -2 vs +1 exp Osborne says UK economy ‘heading in the right direction' Spain to extend unemployment benefits– PM Rajoy EU's Rehn: Not sure euro overvalued but must avoid currency wars South Africa leaves benchmark rate at 5.00% Denmark raises rates BIS: QE costs outweigh benefits Soros likes euro, dislikes yen Euro leads, yen lags S&P 500 breaks 1500, up 0.5% to 1495 The yen took a beating today with USD/JPY hitting a fresh cycle high during a 150+ pip rally. The gains started in Asian and were steady through the European close. The bulls took a short break early in the US afternoon and then leaped higher once again. The USD/JPY high was 90.26 which fractionally broke Monday's high. Last at 90.18. Strong offers at 90.40 and 90.55/60. The euro was flat until US trading began. From there it climbed to 1.3394 from around 1.3330. Risk trades (and the euro) peaked around the time European stocks were closing. Cable fell to the lowest since August ahead of GDP numbers on Friday and with Cameron talk about a referendum on remaining in the EU. Gold fell to a one week low, down $16 to $1668.