Daily Forex Fundamentals – March 28, 2013

What’s on the Economic Horizon

Cypriot Banks Re-Open Today
Canadian GDP Figures on tap

U.S. Dollar (USD)

Aaah, there’s nothing like a dash of risk aversion to get the dollar dashing through the charts! As concerns about a potential bank run in Europe mount, demand for safe haven assets such as the dollar also picked up. Save for the yen, the currency finished with wins against all its other major counterparts. Read more…

Euro (EUR)

Look out below! The euro dropped like a rock in yesterday’s trading as bad news from the euro zone hit headlines. EUR/USD tapped its 4-month low at 1.2754 before finishing the day with an 85-pip loss. Meanwhile, EUR/JPY closed 96 pips lower at 120.59. Read more…

British Pound (GBP)

Uh oh! It looks like the pound’s good luck is quickly running out! GBP/USD extended its losses to a third day in a row. GBP/USD dropped to an intraday low of 1.5094 before finishing the day 31 pips lower at 1.5129. Read more…

Japanese Yen (JPY)

When risk aversion is in play, you can almost always be sure that the yen would get a lot of lovin’! As concerns about Cyprus heightened, demand for the Asian currency also picked up. Consequently, the yen finished higher against all of its major counterparts. Read more…

Canadian Dollar (CAD)

Doji alert! The Loonie just couldn’t get its game on against the dollar despite positive Canadian data. USD/CAD got rejected at support around 1.0165 all throughout the day. By the end of the New York session, the pair settled at 1.0164, unchanged from its opening price. Read more…

Australian Dollar (AUD)

Alas! The winning streak ends at five. Yesterday, the Aussie scored its first loss to the dollar since last week. AUD/USD finished the day lower at 1.0447 after opening at 1.0486. Read more…

New Zealand Dollar (NZD)

It was just not the Kiwi’s day. With risk aversion haunting markets, the comdoll was unable to take another shot at testing the .8400 handle. NZD/USD only got as high as .8397 before hitting a bottom at .8343 then closing with a 13-pip loss at .8374. Read more…

Swiss Franc (CHF)

Without any economic data from Switzerland, the franc was easily bullied by the dollar yesterday. USD/CHF broke out of its range and even traded past resistance at .9500. By the end of the New York session, the pair was up at .9541 with the franc sustaining a 57-pip loss. Read more…

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  • Eric D

    The Euro crisis is far from being over as I can appreciate, the kidnapping of part of the accounts holders is a sign of extremely desperate measures in trying to tap the meltdown so we might see more weakness in the near future!