FX.co ★ Fundamental Analysis, for September 21, 2012

Information published in financial media about negotiations between the European Central Bank and the government of Spain on financial bailout which is likely to be next week, has given strength to the euro early Friday.
The single currency touched the day's high at 1.3047 but then fell sharply without losing a slight upward trend in short-term.
The same applies to the British pound, which rose after being unable to confirm the area of ​​1.63, and is going down right now during the average European session on Friday.
The recovery of the Australian dollar is also notable. The Aussie had lost strength during the week and in the last hours exceeded the barrier of 1.0505. Located just below that level, the Australian dollar could overcome it again is heading towards 1.0530 during the American session.
The dollar seems to have a general downward trend in the last hours of the week. Along with the coins, ounce of gold is approaching to the strong resistance at $1,780, while oil looking for a rebound.
Taking into account that the U.S. construction data was good but not as much as expected, the fact that the weekly unemployment claims increased again, and that a bailout is imminent for the rescue of Spain, the market behaves accordingly. Hence, we expect a sharper decline of the dollar during the American session, although the Dow Jones index futures just touching a new 4-year high, but it lost speed in the short-term charts.
The Canadian dollar is trying to define a sustainable trend. While it has gained strength in recent years, driven by rising oil prices, it still cannot get away from parity with the US dollar due to non-fundamental data from Canada.