Daily Forex Fundamentals – July 26, 2011

What’s on the Economic Horizon

U.S. CB Consumer Confidence Trending Lower?
U.K. GDP Growth To Soften To 0.2%
German Consumer Climate To Weaken in July

U.S. Dollar (USD)

Relatively quiet day in the markets, as we saw a repeat of Friday’s consolidation. EUR/USD stayed within range and closed at 1.4370, down just 14 pips for the day. However, USD/CHF shot down to finish at an all-time low at .8056. Could we see more dollar weakness in the days ahead? Read more…

Euro (EUR)

Ho hum, the euro simply moved sideways against the U.S. dollar and the Japanese yen yesterday. EUR/USD ended slightly down from its 1.4384 open price while EUR/JPY chalked up a tiny 10-pip gain from its 112.43 open. Let’s take a look at today’s set of reports to see whether the euro can find a clearer direction or not. Read more…

British Pound (GBP)

It was a relatively dull day for the pound as it traded flatly against the dollar and the euro. Are pound traders merely saving energy for today’s big GDP report? Read more…

Japanese Yen (JPY)

With no big catalyst to rock the market, yen pairs pretty much went into Zen mode. GBP/JPY, EUR/JPY, and USD/JPY all pretty much consolidated and closed near their openings prices. Will we see a breakout soon? Read more…

Canadian Dollar (CAD)

Hooray for the Loonie! After losing ground to the U.S. dollar last Friday, the Canadian currency was able to rebound from its losses as USD/CAD closed almost 30 pips below its .9484 open price. Can it go for more gains today? Read more…

Australian Dollar (AUD)

Don’t you just love it when resistance becomes support? After breaking through the 1.0800 level last week, AUD/USD retraced a bit yesterday, only to find support at the psychological level. The pair eventually closed at 1.0847, gaining 8 pips on the day. Read more…

New Zealand Dollar (NZD)

“I can get used to this!” said the Kiwi as it hung above the .8600 handle against the Greenback. Despite weak trade balance data, the Kiwi was able to trade comfortably in the area of its new all-time highs. Can it keep this up? Read more…

Swiss Franc (CHF)

Outta the way, Swissy coming through! With a lot of uncertainty still hanging in the air regarding the U.S. and Europe, the Swiss franc remained the currency of choice of many traders. USD/CHF ended the day at a NEW ALL-TIME LOW of .8061 after falling 45 pips. Read more…

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