Daily Forex Fundamentals – February 2, 2012

What’s on the Economic Horizon

Initial Jobless Claims to Fall to 373K
U.K. Construction PMI on Deck

U.S. Dollar (USD)

The combination of worse-than-expected economic data from the U.S., rumors that the Greek swap deal happening, and the solid results of the German and Portuguese bond auctions sparked a wide-reaching case of risk appetite yesterday. As a result, the dollar took a hit across the board, with the currency posting a 72-pip loss against the euro and a 71-pip fall versus the pound by the end of the day. Read more…

Euro (EUR)

“Up, up, here we go, go!” With an abundance of risk appetite to fuel its jet packs, the euro flew up the charts, gaining against the dollar and the yen. EUR/USD closed at 1.3152, up 72 pips from its opening price, while EUR/JPY finished at 100.25, posting a 52 pip gain on the day. Read more…

British Pound (GBP)

Whoa! Pound bulls partied like it’s the end of the world on the charts yesterday. Thanks to positive data and risk appetite, GBP/USD was able to end the day 71 pips above its opening price at 1.5828. Boo yeah! Read more…

Japanese Yen (JPY)

And the yen’s winning streak comes to an end! No thanks to the market’s appetite for risk, the yen was sent lower against most major currencies yesterday. Versus the euro, for instance, the yen posted a 56-pip loss. Read more…

Canadian Dollar (CAD)

And just like that, USD/CAD is now officially on the other side of parity! USD/CAD closed at .9991, as the Loonie closed 36 pips lower on the day. Is the pair destined for new lows? Read more…

Australian Dollar (AUD)

Why hello there risk appetite! Fortunately for the Aussie, the market was in a good mood yesterday, helping it rally despite not-so-good economic data. AUD/USD ended the U.S. trading session at 1.0697, a very respectable 80 pips higher from its opening price. Read more…

New Zealand Dollar (NZD)

Aaah, there’s nothing like the positive vibes to get the Kiwi hustlin’ up the charts. Thanks to overall risk appetite yesterday, NZD/USD was able to close 60 pips above its opening price at .8316. Read more…

Swiss Franc (CHF)

Negative data?? No problem! The Swiss franc still managed to rally against the dollar yesterday despite disappointing economic reports. USD/CHF started the day on an upward rally, reaching an intraday high of .9250, before trading lower and closing the day 43 pips below its opening price at .9161. Read more…

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

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