Greenback Falling Ahead of Week's Fundamentals

Daily Forex Fundamentals | Written by Crown Forex | Jul 21 08 11:40 GMT |

Today the U.S lacks major fundamentals but still the greenback is under pressure on anticipations that this week's data of durable goods orders and the U.S house sales will continue to fall farther weighing down the economy. As before the Feds were hinting for a rate hike as they expected risks to growth were diminished now as there are downside risks to growth and financial market turmoil ongoing is causing the Feds to hold off their decision at the current state the U.S is in. The EU Zone is fundamental free today as the single currency tries to breach the resistance of 1.5900 as it gaining versus the depreciating US dollar. The EUR/USD is currently trading at 1.5886 while recording a low of 1.5839 and a high of 1.5907 so far. The UK released their house prices for the month of July coming in at -1.8% worse than the prior reading of -1.2% according to Rightmove. As for the year ending in July also for the house prices coming in showing a decline to -2.0% from the prior reading of 0.1%. The news added more woes to the UK economy as they are already suffer from slowing growth and spiking inflation of 3.8%, this caused sterling to deteriorate while losses were limited due the weak greenback. The GBP/USD is currently trading above the strong support of 1.9905 at 1.9965 while recording a high of 1.9965 and a low of 1.9906. Currently in the markets there is a slight case of carry trades as investors are selling low yielding currencies like the yen and buy the high yielding currencies especially the British pound and the euro. The USD/JPY is currently trading at 106.64 while recording a high of 106.96 and a low of 106.36. Crown Forex disclaimer:The above may contain information for investors/traders and is not a recommendation to buy or sell currencies, gold, silver & energies, nor an offer to buy or sell currencies, gold, silver & energies. The information provided is obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. I am not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trading currencies, gold, silver & energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, gold, silver &energies presented should be considered speculative with a high degree of volatility and risk.