Daily Forex Fundamentals – July 3, 2012

What’s on the Economic Horizon

RBA expected to hold rates at 3.50%
U.K. construction PMI seen at 53.1
U.S. factory orders to rise

U.S. Dollar (USD)

With the markets still nursing a hangover from the weekend EU summit, the dollar had a hard time making headway against its major counterparts. Even with a slight bout of risk aversion egging it on, it was unimpressive on the charts as it only managed to post significant gains against the euro. Read more…

Euro (EUR)

With all the hoopla following the EU summit, the euro gave back some of its gains to start the week. EUR/USD dropped 92 pips to finish at 1.2586, while EUR/JPY finished at 100.09, down 105 pips from its opening price. Read more…

British Pound (GBP)

Pound bulls sure know how to put on a good show! GBP/USD traded lower during the Tokyo session and tapped an intraday low at 1.5641. Then the bulls started to step up their game and hustled the pair past resistance at the 1.5700 to end the day 18 pips above its opening price at 1.5721. Read more…

Japanese Yen (JPY)

Thanks to better-than-expected Tankan surveys, the yen found itself recording wins against the dollar, euro, and pound to start the week. Is this a sign of things to come? Read more…

Canadian Dollar (CAD)

It was a quiet day from the Great White North, as USD/CAD pretty much just consolidated. USD/CAD traded within a range of just 46 pips and by the end of the day closed its opening price of 1.0167. Read more…

Australian Dollar (AUD)

Despite the Greenback’s strong advances, the Aussie was able to hold its ground and limit its losses. AUD/USD traded sideways for the most part, ending the day just 8 pips below its weekly open at 1.0257. Read more…

New Zealand Dollar (NZD)

Slow and steady was the way of the Kiwi on the charts yesterday. NZD/USD crept from its opening price of .8006 all the way up to its closing price at .8038. Read more…

Swiss Franc (CHF)

Boy, did the Swiss franc have a bad day yesterday! Despite positive data from Switzerland, it gave up some of the gains that it incurred on Friday to the dollar. USD/CHF traded higher after opening at .9477. By the day’s close, the pair was up at .9543. Read more…

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

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