Daily Forex Fundamentals – August 30, 2012

What’s on the Economic Horizon

Preliminary GDP Report Shows That U.S. Economy Grew by 1.7%
Japanese Retail Sales Drop by 0.8%
Italian Bond Auctions Scheduled Today

U.S. Dollar (USD)

It looks like better-than-expected data from the U.S. wowed investors on Wednesday and encouraged them to buy the dollar. Consequently, the Greenback ended yesterday’s trading in the green against most of its counterparts. Read more…

Euro (EUR)

After its stellar performance on Tuesday, EUR/USD failed to impress and simply moved ever-so-slowly down the charts yesterday. The pair ended the day at 1.2530, 38 pips lower from its opening price. It seems that market participants are choosing to sit on the sidelines ahead of the Jackson Hole Summit on Friday. Read more…

British Pound (GBP)

Let’s all give the pound a pat on the back for dominating its counterparts despite the lack of economic data from the U.K.! Cable inched 7 pips higher at 1.5831, while Guppy also enjoyed a 33-pip gain. Even EUR/GBP fell by 27 pips! What gives? Read more…

Japanese Yen (JPY)

The yen’s scorecard for yesterday’s trading was as mixed as a bag of nuts. While it was able to score an 8-pip win against the euro, it gave up 17 pips to the dollar. Read more…

Canadian Dollar (CAD)

Due to the contrasting results between U.S. and Canadian economic data, the Loonie was unable to hold its ground versus the haven Greenback. USD/CAD, which had started the day at .9878, was sitting at .9894 by the end of the U.S. trading session. Read more…

Australian Dollar (AUD)

Just when you thought the Aussie was about to ride the waves up the charts after its win on Tuesday, it wipes out! AUD/USD ended the day lower yesterday at 1.0356 after starting the day at 1.0380. Read more…

New Zealand Dollar (NZD)

Strike four for NZD/USD! The Kiwi’s luck failed to turn around yesterday as traders continued to price in risk aversion and weak New Zealand economic reports. The pair only reached an intraday high of .8058 before it closed 35 pips lower than its open price. Uh-oh. Read more…

Swiss Franc (CHF)

With the KOF economic barometer printing stronger-than-expected, analysts believe that the SNB’s EUR/CHF peg is working. So why did the franc fall against its counterparts? Read more…

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  • buster48

    Pip daddy I really love your page and its the first thing I reasd each day,but did you realise your always one hour out (GMT)0ut with the times of events,your probably not in the UKso that may be the reason.This is not a critisysm as your page and insight are brilliant so thanks bucket loads for that .buster48