The Euro fell nearly 100 points due to broad US dollar strength and as Euro-zone industrial new orders fell for the second consecutive month in June.
Meanwhile, Credit Suisse overnight index swaps have actually shifted to price in just under 25bps worth of cuts within the next 12 months compared to 31bps yesterday. Furthermore, on an intraday basis EUR/USD remains with in a bullish channel as the pair consolidates above this week’s lows, suggesting a Euro buying opportunity. Looking ahead to next week, there are few major indicators on hand, though some releases can spark short-term volatility including: German IFO (Tuesday), German unemployment (Thursday), and Euro-zone CPI estimates (Friday).
[B]**Want to know what happened in the rest of the majors or view technical support/resistance levels? Check out the Daily Fundamentals in its entirety.[/B]