By Cornelius Luca
New York, June 11 (BridgeNews) - The yen fell across the board following news that the Japanese GDP dropped 0.2% in January-March from the previous period, bringing that economy on the edge of official recession. The dollar and the euro rallied to a 19-day high of 121.79 yen and a 13-day high of 103.86 yen, respectively. The sterling finally stabilized after sinking Friday to a 15 1/2-year low of $1.3778 after the Labour Party posted a solid victory in the U.K. elections.
* * * Euro/dollar, dollar/Swiss franc and dollar/Canada consolidated within recent ranges. All eyes will be on dollar/yen's ability to test the top of its declining channel as its bullish momentum was accelerated by the weak Japanese fundamentals. The other currency to watch early in the weak is the sterling.
Pound positions remain very short on renewed speculation that the currency needed to be devalued in order to be incorporated in the euro. The U.S. event agenda includes speeches by Federal Reserve Governor Laurence Meyer and Dallas Fed President Robert McTeer.

Current Previous Change Global Global
NY open NY close low high

USD/JPY 121.74 120.97 0.77 120.86 121.79
EUR/USD 0.8504 0.8507 -0.0003 0.8481 0.8540
EUR/JPY 103.53 102.90 0.63 102.63 103.86
GBP/USD 1.3844 1.3791 0.0053 1.3820 1.3875
USD/CHF 1.7911 1.7925 -0.0014 1.7858 1.7969
USD/CAD 1.5183 1.5190 -0.0007 1.5182 1.5205
AUD/USD 0.5259 0.5248 0.0011 0.5231 0.5269
NZD/USD 0.4199 0.4190 0.0009 0.4176 0.4203
SP.1 1275.30 -1.20 1274.00 1277.40
ND.1 1918.00 -5.50 1915.00 1930.50