Daily Forex Fundamentals – July 2, 2012

What’s on the Economic Horizon
EU Leaders Stabilize Bond Markets
U.S. ISM Manufacturing Report on Tap
Tankan Reports Boost the JPY in Asian Trading
Canadian GDP Topped Forecasts

U.S. Dollar (USD)

Just like Katie Holmes, we saw the dollar divorce itself from the bulls last Friday as risk appetite soared following the announcements made in the EU Summit. Read more…

Euro (EUR)

What a way to end the month! The euro bid adieu to June by posting GINORMOUS rallies on the charts. Thanks to new plans ironed out in the EU summit, the shared currency was able to post a 192-pip gain against the dollar, while rising 228 pips against the yen. Will it extend its rally today? Read more…

British Pound (GBP)

Nothing like a shot of good news to spruce up risk appetite! Thanks to a positive reaction t oteh EU summit, the pound bulls went wild like it was a Beatles concert, boosting the pound to new highs. GBP/USD rose a whopping 217 pips to finish at 1.5661, while GBP/JPY closed 194 pips higher at 125.19. Read more…

Japanese Yen (JPY)

The yen painted the town red on Friday–with red candlesticks, that is! The Asian currency lost against all of its major counterparts as risk appetite kicked in. It gave up 41 pips to the dollar, 227 pips to the euro, and 194 pips to the pound. Read more…

Canadian Dollar (CAD)

Pure awesome sauce! The Loonie was in hot demand last Friday as risk appetite and a stronger-than-expected GDP report boosted interest in the Canadian currency. As a result, USD/CAD dove 148 pips and greeted the weekend at 1.0181. Will we see more of the same this July? Read more…

Australian Dollar (AUD)

The Aussie redeemed itself in Friday’s trading and earned an awesome “A” on its scorecard. AUD/USD traded higher after dipping to an intraday low of 1.0019. By the day’s close, the pair was up 189 pips from its opening price at 1.0235. Read more…

New Zealand Dollar (NZD)

Just like its comdoll siblings, the Kiwi soared higher last Friday as risk appetite was the name of the game. NZD/USD flew up the charts and finished at .8005, up 128 pips from its opening price. Read more…

Swiss Franc (CHF)

Now that’s how you end the week with a bang! After four consecutive days of losses, the Swissy came roaring back to end the week, as it sliced and diced its way to victory versus the dollar. By the end of the day, USD/CHF was trading 158 pips lower at .9491. Read more…

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