Morning briefing: Japan PM says steep currency moves 'undesirable'

1. Japanese Prime Minister Naoto Kan said "steep currency moves are undesirable." As the yen remains at a 15-year high, labor leaders are urging action.

2. Factory orders in the 16-country eurozone rose more than expected in June.

3. Germany said that strong exports and consumer spending led to record expansion in the second quarter. Meanwhile, however, Germany's deficit more than doubled to 3.5 percent of economic output in the first half of 2010. Yearly estimates show that if Germany continues at this pace it may break E.U. budget rules for its deficit.

4. Oil fell to a seven-week low as economic growth slows and U.S. crude and fuel inventories rise.

5. The Reserve Bank of India reiterated that controlling inflation is its No. 1 priority, leading to questions about whether the country will again raise interest rates. India's central bank has raised interest rates four times since March -- the most of any of the Asian banks.