Daily Forex Fundamentals – December 7, 2011

What’s on the Economic Horizon

U.K. Manufacturing PMI to Turn Negative?
Australian Labor Data Expected to Show that Joblessness Remained at 5.2%
RNBZ WIdely Predicted to Keep Rates at 2.50%

U.S. Dollar (USD)

Risk was back on yesterday, which means the dollar ended up on the losing side of the battle. The U.S. dollar index, which tracks the performance of the currency versus other majors, found itself sitting at the 78.94 level by the end of the day after opening at 78.96. Read more…

Euro (EUR)

It was a relatively quiet day for the euro, which remained steady as the markets recovered from S&P’s threats of downgrades on Monday. EUR/USD closed just 6 pips higher from its opening price to finish right smack at the 1.3400 handle. Read more…

British Pound (GBP)

Aaah, there’s nothing like bad data to wake currency bears out of hibernation. Just ask the pound! Yesterday GBP/JPY was down 39 pips by the end of the New York session, while GBP/USD ended the day 51 pips below its opening price at 1.5596. Read more…

Japanese Yen (JPY)

The yen turned in a mixed performance yesterday as risk appetite came left went. While the currency ended the day lower versus the euro, it posted a small gain over the pound. Against the dollar, the yen was virtually unchanged by the end of the day. Read more…

Canadian Dollar (CAD)

Score one for the Canadian dollar! Thanks to good economic data and a relatively positive Bank of Canada statement, the Canadian dollar was able to post decent gains versus the dollar. USD/CAD was able to break below the 1.0100 handle and close at 1.0095, marking a 74-pip win. Read more…

Australian Dollar (AUD)

AUD/USD’s price action yesterday could be best represented by the letter “U” as it fell early during the Asian and European session but recovered sharply once the U.S. session rolled along. It ended the day at 1.0246, a small 35-pip loss from its opening price. Read more…

New Zealand Dollar (NZD)

Without any economic data on tap, the Kiwi just ranged like a Power Ranger in yesterday’s trading. NZD/USD traded higher after dipping to an intraday low of .7739, peaking at .7819. It then ended the day 8 pips below its opening price at .7797. Read more…

Swiss Franc (CHF)

Boy did the Swiss franc have a tough Tuesday! Against the dollar, it lost 58 pips as USD/CHF closed at .9265. Meanwhile, EUR/CHF ended the day 82 pips higher at 1.2415. And you know what, some investors are saying that the SNB might have had a hand in the franc’s losses yesterday. Uh-oh. Read more…

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

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Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!

  • Greenmagnate

    The U.S. Dollar’s (USD) ‘Read More’ consists of GBP’s post link.

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