By Cornelius Luca
New York, July 12 (BridgeNews) - The U.S. dollar finally slammed the breaks on its losses this week, but traders continued to search for new leads in a market devoid of any hard news. While concerns about the emerging markets and domestic equities still preoccupy, the greenback's recent pullback was triggered by risk aversion in the wake of the dollar's rally on July 6. Therefore, the dollar should stabilize ahead of the torrent of U.S. economic data on Friday.
Unable to hold on to its gains over a former trendline resistance, euro/dollar fell to a two-day low of 0.8521. Sterling/dollar followed suit with a decline to a three-day low of 1.4060, while dollar/Swiss franc and dollar/Canada posted light gains within their respective inside ranges. Dollar/yen edged marginally lower within Wednesday's boundaries. Once again, there are no domestic economic data scheduled for release Thursday. But traders are bracing for Friday's windfall of economic statistics that features June retail sales, June producer price index and the University of Michigan consumer confidence survey for early July. The intraday outlook for the dollar is slightly bullish, as the sell-off of this week was overdone.

Current Previous Change Global Global
NY open NY close low high

USD/JPY 124.25 124.35 -0.10 123.95 124.52
EUR/USD 0.8547 0.8596 -0.0049 0.8521 0.8597
EUR/JPY 106.20 106.85 -0.65 105.85 106.89
GBP/USD 1.4067 1.4089 -0.0022 1.4056 1.4093
USD/CHF 1.7709 1.7655 0.0054 1.7655 1.7795
USD/CAD 1.5269 1.5258 0.0011 1.5245 1.5278
AUD/USD 0.5043 0.5048 -0.0005 0.5012 0.5073
NZD/USD 0.4040 0.4043 -0.0003 0.4024 0.4060
SP.1 1198.90 13.60 1186.20 1204.80
ND.1 1724.50 64.50 1664.00 1743.00