Daily Forex Fundamentals – March 4, 2013

What’s on the Economic Horizon

Australia’s Building Approvals Disappointed Expectations
Missed LTRO Repayments Weighed on the Euro
U.K. Construction PMI Due Today

U.S. Dollar (USD)

Wham bam thank you economic data! Strong U.S. reports and a slide in risk appetite propped up demand for the dollar last Friday. USD/JPY and USD/CHF both inched higher while EUR/USD and GBP/USD broke below strong support levels. Read more…

Euro (EUR)

​The euro sure did paint the town red in Friday’s trading, literally! The shared currency finished lower against the dollar as risk aversion dominated market sentiment. EUR/USD was down 37 pips at 1.3018 by the New York session close. Read more…

British Pound (GBP)

No thanks to a myriad of disappointing data releases, the British pound suffered a bitter defeat against the safe haven U.S. dollar. GBP/USD, after opening up Asian trading session at 1.5173, closed the day 155 pips lower at 1.5018. Read more…

Japanese Yen (JPY)

The yen stayed in Loserville for another day last Friday as traders continued to react to ADB head Haruhiko Kuroda’s nomination as the next BOJ boss. USD/JPY neared its intraweek highs while EUR/JPY, GBP/JPY, and AUD/JPY also inched a few pips higher. Read more…

Canadian Dollar (CAD)

The Loonie is back in the green, baby! After giving up ground to the dollar on Thursday, the comdoll was able to pare some of its losses on Friday as USD/CAD closed 16 pips lower at 1.0285. Read more…

Australian Dollar (AUD)

Like other major pairs, a major support level on AUD/USD was threatened last Friday as risk aversion kicked in the markets. The pair ended the day at 1.0193, a few pips from the big 1.0200 handle. Read more…

New Zealand Dollar (NZD)

Well, well, well, it looks like NZD/USD doesn’t know where to go next! Last Friday, the pair rose to .8296 during the Asian session but was unable to hold on to its gains and sold-off during the European trading session. It closed the day at .8239, 34 pips lower from its opening price. Read more…

Swiss Franc (CHF)

Bring on the pain! The Swiss franc extended its decline last Friday as the SVME Purchasing Managers’ Index came in worse than expected. USD/CHF, which started out the day at .9370, had climbed as high as .9464 before it finished the U.S. trading session at .9437. Read more…

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