Daily Forex Fundamentals – July 11, 2012

What’s on the Economic Horizon

Hints about QE3 in the FOMC minutes?
BOJ to announce interest rate decision
Chinese data weigh down comdolls

U.S. Dollar (USD)

The dollar’s scorecard was as mixed as the reviews for the movie Abraham Lincoln: Vampire Hunter. While it scored a 62-pip gain against the euro and was up 16 pips against the pound, it gave up 17 pips to the yen as USD/JPY closed lower at 79.41. Read more…

Euro (EUR)

The euro dropped to a new two-year low yesterday as the ECB’s 25 basis point reduction in interest rates continued to put it under pressure. EUR/USD, which had started the day at 1.2316, was trading at 1.2252 at the end of the U.S. trading session. Read more…

British Pound (GBP)

The pound bulls and bears had a battle royale yesterday as they priced in risk aversion in markets and strong U.K. data. Cable and Guppy both slipped by a couple of pips, but the pound went up against the euro and the franc. What’s in store for the U.K. today? Read more…

Japanese Yen (JPY)

Ah, there’s nothing like a tinge of risk aversion to get the yen sprinting. The Asian currency once again outperformed most of its counterparts in yesterday’s trading. EUR/JPY ended the day 71 pips lower at 97.29, while USD/JPY was down 17 pips at 79.41 by the end of the New York session. Read more…

Canadian Dollar (CAD)

The Loonie experienced a lot of pain yesterday as it was heavily sold-off against both the safe haven Greenback and the low-yielding yen. The Loonie gave up 32 pips to the Greenback and 41 pips to the yen. Read more…

Australian Dollar (AUD)

The Aussie choked like Chael Sonnen in yesterday’s trading. It rallied against the dollar ahead of the London session and tapped an intraday high of 1.0246. However, the comdoll’s rally soon lost steam and AUD/USD dropped to close the day 15 pips below its opening price at 1.0187. Read more…

New Zealand Dollar (NZD)

Aaaand the selloff continues! NZD/USD wasn’t immune to risk aversion yesterday, so the pair suffered a 31-pip fall after hitting an intraday high of .7988. What the heck dragged the comdolls yesterday? Read more…

Swiss Franc (CHF)

What a workout for the franc bears! Though no data was released from Switzerland, the franc fell against most of its major counterparts. USD/CHF rose by 49 pips to .9802, while GBP/CHF also enjoyed a nice 67-pip rally. Read more…

Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.

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