Daily Forex Fundamentals – July 17, 2012

What’s on the Economic Horizon

Fed head Bernanke to testify today
U.K. inflation reports on tap
BOC to keep rates on hold at 1.00%

U.S. Dollar (USD)

And the Biggest Loser is… The Greenback! Weaker than expected U.S. consumer spending data triggered a U.S. dollar selloff as retail sales declined for the third consecutive month in June. Higher-yielders took advantage of dollar weakness and climbed after the release, but will these rallies last? Read more…

Euro (EUR)

The euro looked as though it was going to record another day of losses, but at the last minute, in came the bulls to save the day! They bought EUR/USD from an intraday low of 1.2175 to force the pair to close at 1.2278, up 15 pips from its opening price. What a comeback! Read more…

British Pound (GBP)

Who’s up back-to-back against its counterparts? The pound is! Cable rose by another 59 pips to 1.5636, while EUR/GBP dropped to a new 2012 low at .7852. What’s spurring on the pound bulls? Read more…

Japanese Yen (JPY)

And on this corner, the undefeated heavyweight champion… The Japanese Yen! Thanks to weaker than expected U.S. data, risk aversion propped up the lower-yielding yen against all of its major counterparts yesterday. USD/JPY crashed below the 79.00 handle and closed at 78.85 while EUR/JPY ended the day 20 pips below the 97.00 handle. Read more…

Canadian Dollar (CAD)

Guess who was left out in yesterday’s big risk rally? That’s right, the Loonie! With Loonie traders sitting on the sidelines in anticipation of today’s big rate decision, USD/CAD saw little action and closed 11 pips above its opening price at 1.0147. Read more…

Australian Dollar (AUD)

Now that the weekend gap got filled, AUD/USD resumed its rally and ended the day in the green as it closed at 1.0251. AUD/JPY, on the other hand, didn’t have such a good day as it chalked up a loss and closed at 80.83. Read more…

New Zealand Dollar (NZD)

Wheee! Despite the lack of economic data from New Zealand, NZD/USD was able to extend its gains by another 4 pips to .7976 yesterday. What factors can change the sentiment for the comdoll today? Read more…

Swiss Franc (CHF)

The franc won the safe-haven battle yesterday thanks to dollar-bearish news from the U.S. USD/CHF hit an intraday high at .9865 before the franc bulls attacked and dragged it to its .9783 closing price. What gives? Read more…

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

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