# Forex Major Currencies Outlook (July 26, 2013)

Source: https://www.tradersway.com/resources/market-info/forex-major-currencies-outlook-july-26-2013/
Language: en
Updated: 2013-07-26

**USD**



The US dollar continued to cave under the higher-yielding currencies in yesterday’s trading, as mixed durable goods orders data led traders to believe that the U.S. recovery is unsustainable.



The headline figure showed a 4.2% jump, mostly driven by automobile sales, while the core figure remained flat. No reports are due from the U.S. today, which opens up the possibility of profit-taking ahead of the weekend.



**EUR**



The euro continued to edge higher against the dollar, as EUR/USD tapped the 1.3300 area during the U.S. session. German Ifo business climate came in line with consensus at 106.2, which is a good improvement from the previous month’s figure. For today, there are no major reports from the euro zone. Only the German consumer prices report is up for release at 7:00 am GMT.



**GBP**



The pound had a choppy trading day, especially after the release of the UK preliminary GDP figure. The actual report showed a 0.6% uptick as expected, but this appeared to disappoint pound traders as the currency suffered a quick selloff against most of its counterparts upon the release. No reports are due from the U.K. today.



**CHF** There were no reports released from Switzerland yesterday and none are due today, which suggests that the franc could continue to take advantage of the ongoing dollar weakness.



**JPY**



The yen enjoyed some gains against the dollar, as Japan printed another round of increases in consumer price levels. Tokyo showed a 0.3% uptick as expected while the national core CPI printed a 0.4% increase, higher than the estimated 0.3% rise. This reflects how the BOJ’s massive stimulus efforts are working and that no additional stimulus is needed for now.



**Commodity Currencies (AUD, NZD, CAD)**



NZD/USD enjoyed a strong rally in yesterday’s trading when the RBNZ adopted forward guidance in announcing that the low rates would last until 2014 only. This prompted speculations of a rate hike, which pushed NZD/USD to the .8100 mark. Meanwhile, the Australian dollar was able to recover most of its recent losses to the dollar as it edged back above the .9200 handle.



*By Kate Curtis from Trader’s Way*