Fundamental Headlines

European Session Summary

The U.S. Dollar’s remarkable run the past few days seems to have taken a breather on Wednesday. As the worst performing currency ahead of the North American trading session, this appears to be little more than a corrective move after gaining over 2 percent collectively across the board from Friday through Tuesday. Like the recent trend that has developed, the ‘dead’ trading period in between the Asian and European sessions produced another turn around in the majors.

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USD Dollar (USD) – The Dollar weakened against most of the major currencies in forex trading, on Friday, during a trading session with low volatility. The ISM Manufacturing PMI came out at 55.3, which was better than the expected 51.5. The U.S. Stock Markets closed positive as the Dow Jones jumped by 1.36% and the NASDAQ gained 1.53% as the Euro zone’s debt crisis was seemingly no longer on the forefront of investors’ concerns. Crude oil was left virtually unchanged, closing at around $95 a barrel, but will probably rise if the 95.7 level is breached. Gold (XAU) did not manage to stay in the positive and fell below $1,480 an ounce, but quickly recovered and closed at $1,487 per ounce. Today, US banks will be closed in observance of the July 4^th Independence Day Holiday.

Euro (EUR) – The Euro gained against the greenback due to optimism that Greece will solve its debt crisis after finance ministers agreed to finalize a Greek bailout package by mid September. The Unem

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The greenback was down sharply at the close of North American trade with Dow Jones FXCM Dollar Index (Ticker: USDollar) falling 0.69% for a 108.15% move of its daily average true range. With global headlines dominated by scenes of ant-austerity protestors storming the streets of Athens, it’s of no surprise that the passage of the much needed measures by the Greek Parliament saw investors eager to take on risk. Stocks rallied for the third consecutive day with Dow, the S&P 500, and the NASDAQ advancing 0.60%, 0.83%, and 0.41% respectively. Crude oil also gained on the prospect of the averted sovereign default, climbing 2.02% on the session to close at $97.77 per barrel.

The dollar index broke below the 9660 level cited yesterday in yesterday’s Dollar Wrap-Up at 9660 as traders jettisoned the greenback in favor of higher-yielding growth-linked assets and currencies. Although

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USD Dollar (USD) – The Dollar rose in forex trading against the other major currencies as Federal Reserve Chairman Ben S. Bernanke commented on the economy at a press conference after policy makers said they would maintain record stimulus after a Treasury purchase program ends. The Interest rate was released and stayed unchanged at 0.25%. Wall Street closed negative as the NASDAQ weakened by 0.67% and the Dow Jones fell by 0.66%. Crude oil advanced by $1.24, closing at $95.41 a barrel. Gold (XAU) increased by 0.5%, and closed at $1553.40 an ounce. Today, Unemployment Claims are expected to be 410K vs. 414K last week, and New Home Sales are expected to weaken from 323K to 310K.

Euro (EUR) – The Euro weakened versus the Dollar amid speculation that Greek Prime Minister George Papandreou will struggle to pass additional austerity measures, even after winning a confidence vote. Also, t

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