Daily Forex Fundamentals – February 23, 2012

What’s on the Economic Horizon

USD/JPY At 7-Month High
Fitch Downgrades Greece’s Credit Rating
BOE Meeting Minutes Reveal Further Dovishness

U.S. Dollar (USD)

The dollar could’ve had it all, rolling in deep pips during yesterday’s trading. It was able to post wins against all of its major counterparts that is, except for the euro and the Swiss franc. EUR/USD traded within a tight range of about 50 pips and closed 7 pips above its opening price. Meanwhile, USD/CHF ended the day 14 pips below its opening price at .9106. Read more…

Euro (EUR)

This is starting to get boring! For the second day in a row, the euro ended virtually unchanged against the dollar as EUR/USD finished 3 pips higher at 1.3244. Read more…

British Pound (GBP)

Thanks to some rather dovish MPC meeting minutes, the pound took a back-alley beating across the charts yesterday. GBP/USD crashed back down to the 1.5700 handle after retesting 1.5800 earlier in the day, while EUR/GBP finally broke through tough resistance at .8400. Read more…

Japanese Yen (JPY)

And the losing streak continues! The yen scored its fifth straight loss against the dollar yesterday. It dropped to its 7-month low at 80.41 before USD/JPY ended the day 58 pips above its opening price at 80.30. Read more…

Canadian Dollar (CAD)

The Loonie’s gotta get out of its rut because it has lost ground to the Greenback three days in a row now! With risk appetite down in the dumps, USD/CAD climbed another 35 pips to end the day just above parity at 1.0002. Read more…

Australian Dollar (AUD)

The Aussie still didn’t get any lovin’ yesterday as it scored its third straight loss to the dollar. After opening at 1.0667, AUD/USD traded lower and closed the day 29 pips lower at 1.0638. Read more…

New Zealand Dollar (NZD)

With risk aversion waving its guns around like the Sundance Kid, all the Kiwi bulls could do was run and cower in fear. The Kiwi slipped lower during the New York session and is now making its way back to the .8250 handle. Will the support level from the past couple of weeks hold or is NZD/USD headed for new lows? Read more…

Swiss Franc (CHF)

Consolidation is the name of the game baby! USD/CHF was stuck in the mud yesterday, trading within a range of just 42 pips. The pair eventually closed at .9106, just 14 pips below its opening price for the day. Read more…

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

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  • Jj_likes_4ndz

    Yesterday Existing home sales Rose to 4.3% ..A record high since the May 2008..Then after the release of the report why the USD was quickly sold?