Daily Fundamentals – 07.30.2011

The dollar and underlying risk trends ended the week under extraordinary duress – as they should. The deficit impasse that the markets have been ringing their hands over for the past few weeks is now heading into the final stretch with two days of market down-time to shorten the trading calendar.

AUD/USD: Trading the Reserve Bank of Australia Interest Rate Decision

The Reserve Bank of Australia is widely expected to keep the benchmark interest rate at 4.75% in August, but the central bank may continue to soften its hawkish tone for monetary policy as the region faces a slowing recovery.

U.S. Dollar Sinks After Poor GDP Reading; Debt Talks Continue

The U.S. Dollar, after having gained throughout the Asian and European sessions, faced significant headwinds in pre-North American trade as a poor gross domestic product reading for the second quarter deflated expectations of a recovery in the world’s largest economy.

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