Daily Forex Fundamentals – March 21, 2012

What’s on the Economic Horizon

U.K. to unload market-shaking reports
U.S. existing home sales to rise slightly?
New Zealand GDP growth expected to weaken

U.S. Dollar (USD)

Way to strike back! After receiving a heavy blow to the gut to start the week, the dollar retaliated with some big punches of its own. As a matter of fact, it knocked out all of its major counterparts for a clean sweep! Can it score a few more knockdowns today? Read more…

Euro (EUR)

Talk about resiliency! Despite the strong dollar move yesterday, the euro managed to keep the boat steady. EUR/USD stuck within range and eventually closed 1.3225, down just 14 pips from its opening price. Meanwhile, EUR/JPY edged another 37 pips higher to finish at 110.71, marking the 6th day in a row that the pair has ended higher. Read more…

British Pound (GBP)

The pound pulled off a Chris Brown in yesterday’s trading and headed Down the charts amid a mixed roster of economic reports. GBP/USD ended the day 31 pips below its opening price at 1.5863. Read more…

Japanese Yen (JPY)

Once again, the yen was dumped like a hot potato as traders continued to ditch the Japanese currency in light of the BOJ’s easy monetary policy. EUR/JPY rose another 37 pips to record a new high at 110.71 while USD/JPY climbed 36 pips to end the day at 83.71. I can already imagine the huge smiles on BOJ members’ faces! Read more…

Canadian Dollar (CAD)

With risk aversion creeping back into the markets, comdolls like the Canadian dollar took a hit in yesterdays trading. USD/CAD climbed back to as high as .9969 before finally settling at .9916, up 50 pips from its opening price. What gives? Read more…

Australian Dollar (AUD)

Not this time, Aussie! Though yesterday’s monetary policy minutes seemed a bit more optimistic, the Aussie couldn’t defy gravity as it was weighed down by concerns on Chinese growth. As a result, AUD/USD slipped 127 pips to 1.0481. Read more…

New Zealand Dollar (NZD)

The New Zealand dollar was as flightless as its namesake in yesterday’s trading. NZD/USD dropped to an intraday low of .8138 before settling at .8172 at the day’s close with a 91-pip loss. And that’s why it’s nicknamed Kiwi! Read more…

Swiss Franc (CHF)

Aaack! It looks like positive data wasn’t enough to give the Swiss franc swagger. The currency still lost to the dollar, giving up 5 pips, when USD/CHF ended the day at .9117. Read more…

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

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