Daily Forex Fundamentals – April 29, 2013

What’s on the Economic Horizon

Q1 2013 U.S. GDP Misses Expectations
BOJ Stands Pat, JPY Gains
German Preliminary CPI Figures on Deck

U.S. Dollar (USD)

The Greenback took a major hit last Friday, no thanks to the worse-than-expected Advance GDP report for Q1 2013. The U.S. dollar index, which tracks the performance of the Greenback versus a basket of other major currencies, fell to 82.94 after it had opened the Asian trading session at 83.30. Read more…

Euro (EUR)

The euro clocked in another losing day against its counterparts last Friday as rumors of a possible ECB rate cut gained momentum. EUR/JPY slid by 135 pips while EUR/GBP also slipped by 10 pips. So what happened to EUR/USD? Read more…

British Pound (GBP)

The party ain’t over yet! GBP/USD continued to rally on Friday as the pair climbed close to the 1.5500 major psychological level. From there, cable got stuck in consolidation for the rest of Friday’s New York session until the start of this week. Will it head any higher? Read more…

Japanese Yen (JPY)

The Japanese yen ended the week with a big smile on its face as it rose substantially versus other major currencies. Against the U.S. dollar, for instance, the yen gained a whopping 128 pips (that’s huge in USD/JPY’s standards). Versus the euro, the yen rallied 135 pips. Read more…

Canadian Dollar (CAD)

Scooooooore!!! Canada might not have printed any economic report, but a weak U.S. data dragged USD/CAD by another 39 pips to 1.0169. What is this U.S. economic report anyway? Read more…

Australian Dollar (AUD)

For the seventh straight trading day, the Australian dollar was unable to make significant moves in the foreign exchange market. AUD/USD mainly traded sideways, finding support at around the 1.0260 area and resistance at 1.0340. The absence market-moving data from Australia seemed to be the reason behind the Aussie’s lack of direction. Read more…

New Zealand Dollar (NZD)

Just when it seemed like NZD/USD would be able to keep its head above the .8500 handle, the pair was unable to sustain its gains during Friday’s U.S. session as it tumbled to a low of .8470. Is further weakness in store for the Kiwi this week? Read more…

Swiss Franc (CHF)

Way to go, little one! The Swissy managed to pack some gains against the U.S. dollar in Friday’s trading as USD/CHF dropped back to the .9400 major psychological support. Will we see more gains for the franc this week? Read more…

Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.

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