FX.co ★ Fundamental Analysis, for August 07, 2012

European currencies maintained an upward bias during Tuesday's session, following the behavior of stock indices of the Old World.
The euro remains above 1.24, an area that was overcame during the U.S. session on Monday, despite the fact that factory orders in Germany in July showed a greater decline than it was expected. One thing that could have had a great impact was a significant drop of the single currency, but currently it lost just a few points.
The pound sterling is also growing, fueled by the manufacturing data from the UK, with a smaller drop than expected. As it is shown, poor data did not have significant impacts on peer leaders.
The Dow Jones index futures also maintain an upward trend in the short term. It seemed that Monday could be characterized by an upward movement, but it was marked with quite modest movements.
On the other hand, both the Canadian dollar and the Mexican peso remained firm linked to oil and solid fundamentals of their own economies. The loonie offset its position against the dollar, approaching the level of 0.9920 during the U.S. session.
The Mexican currency is approaching to the level of 13 peso to one dollar. But the USD / CAD rate maintains a strong bearish bias, which could lead to price the area of ​​12.80 in the upcoming days.
The yen was unchanged, leaving a very narrow price range. The Australian dollar accelerated its growth after the Reserve Bank of Australia left interest rate unchanged early in the morning. Now the currency is heading towards the next target of 1.0610. Only the break of 1.0420 could change its upward course.
There are no more fundamental data for now. The European economic statistics initiate transcendent variations in prices. Only Ben Bernanke presentation, the chairman of the Fed, which is held at 2:30 PM could generate a more substantial foreign exchange movements.

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