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The yen climbed as Prime Minister Shinzo Abe's cabinet approved a growth plan announced this month. It's poised for a fourth-straight week of gains versus the dollar, the longest since July 2012. The Bank of Japan said higher bond yields were due to rising stocks and a falling yen, according to minutes of its May meeting released today.

Euro buying may be boosted before the ZEW Center for European Economic Research in Mannheim gives the latest reading of its index of investor and analyst expectations in Germany. The gauge rose to 37 from 36.4 in May, according to a Bloomberg News survey. The report, due next week, aims to predict economic developments six months in advance.

Industrial production in the U.S. probably rose 0.2 percent last month, a Fed report today is predicted to show, following a 0.5 percent decline the previous month.

U.S. equities rose yesterday on better-than-forecast economic figures. Data showed U.S. retail sales rose 0.6 percent in May, exceeding the median economist forecast in a Bloomberg survey. The increase was the biggest in three months and followed a 0.1 percent gain in April.

EUR / USD: during the Asian session the pair fell below $ 1.3350

GBP / USD: during the Asian session the pair fell below $ 1.5700

USD / JPY: during the Asian session the pair fell to Y94.40

There is a full calendar of economic data on both sides of the Atlantic Friday, but little in the way of scheduled central bank appearances. Early data sees the release of the May Bank of France retail survey. At 0730GMT, the Spanish first quarter labour cost survey numbers are set for release. There is little UK data scheduled, although the April construction output numbers will cross the wires at 0830GMT. Eurozone data fro release at 0900GMT includes the May final HICP numbers and the first quarter employment numbers. Eurozone CPI is seen up 0.1% on month, up 1.4% on year, with core CPI higher by 1.2%. At 0930GMT, the German government is schedule to give a regular press briefing, while at 1230GMT, German Finance Minister Wolfgang Schaeuble will attend a German-Franco-Italian finance and labour ministers meeting.