Daily Forex Fundamentals | Written by Forex.com | Jul 04 08 05:46 GMT |
As the smoke cleared from yesterdays major data releases, we see the Dollar still standing strong, and actually continuing earlier gains into Asia. As you well know by now, EUR/USD fell two big figures as traders were alerted to the fact that US NFP data was really no worse than expected and ECB President muttered the words 'no bias' as to the expectations of future hikes. As of the Asia open we saw EUR/USD at 1.5703, and the pair eventually slid to lows of 1.5673 before crawling back above the figure to close the session right near 1.5715. Trichet's demure comments pretty much threw cold water on the chance of any more near term rate hikes, and caught many long Euro holders flat-footed. Traders are now left to speculate if the ECB hike can be a one and done scenario.
In USD/JPY the Greenback lost some ground in Asia, but not much, after a 106.71, 106.81 high, and a low of 106.60, the pair retired from Asia near 106.73….not overly active this session. The Yen crosses made modest gains, GBP/JPY gaining 30 pips from the open to 211.85, and EUR/JPY gaining 10 pips to 167.74.
In other pairs, USD/CHF cooled off from its early day highs of 1.0281 to 1.0255; as well USD/CAD did the same, falling to 1.0166 from earlier highs of 1.0191.AUD/USD looked powerful as it topped 0.9624 this session as it continues its astounding rise toward parity. AUD/NZD hit a 7 year high this session as it plowed to a high of 1.2725. This pair has just looked unstoppable.
The data in Europe is light, and the US markets are closed, although, as you know the FX markets are open for normal trading.
Upcoming Economic Data Releases (London Session):
| 7/4 | 5:00 | JN | Leading Index CI | MAY P | 92.80% | 93.00% |
| 7/4 | 10:00 | GE | Factory Orders MoM (sa) | MAY | -1.80% | 0.80% |
| 7/4 | 10:00 | GE | Factory Orders YoY (nsa) | MAY | 15.00% | 2.00% |
| 7/4 | 14:00 | CA | Ivey Purchasing Managers Index | JUN | 62.5 | 62 |
| 7/5 | 10:00 | EC | ECB's Trichet Speaks at Conference in Aix-en-Provence, France | 5-Jul |
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