Major Currencies Performance in July - 20.7.2012

The best performing currency in July against the greenback was the Aussie with returns at 1.79%. The Australian economy has relatively strong growth and RBA kept its Cash Rate at 3.5%, the highest among other major currencies. The Yen had 1.49% returns on risk aversion due to Spanish banks bailout and amid speculation that the FED will expand stimulus. The Loonie had the third best performance at 0.84% up to now in July amid improvement in Labor and Housing market in Canada and due to rise of Oil prices. Moreover, the British pound lost slightly up to now in July, it fell initially from 1.5725 to 1.5393 however recovered losses rising back up to 1.5700. The Gold also is losing 0.85% as global slowdown spurred fear of deflation. Finally, the Euro and the Swiss franc indicate their positive correlation by losing almost the same, up to 3.30% on increasing European uncertainty.