Daily Forex Fundamentals – March 8, 2012

What’s on the Economic Horizon

All Eyes on Greek Bond Swap Deal
Weekly Unemployment Claims Expected to Rise

U.S. Dollar (USD)

The Greenback has been unable to find a clear direction in the last 24 hours as it has just been bouncing around in a sideways range against other major currencies. Versus the euro, for instance, the Greenback rallied strongly during the European trading session but quickly gave up all of its gains after the session ended. Read more…

Euro (EUR)

Euro traders are getting ready to rumbleeeee!!! The euro pared back some of its losses yesterday as traders took profits on their euro shorts ahead of the major Greek PSI announcement today. EUR/USD inched 31 pips higher to 1.3147, while EUR/JPY climbed by 68 pips to 106.72. Read more…

British Pound (GBP)

The pound decided that it needed a break from diving yesterday as it moved sideways against the U.S. dollar and the Japanese yen. GBP/USD was able to end in the green as it closed 16 pips up from its 1.5722 open price. GBP/JPY also enjoyed some gains as it landed at 127.75 at the end of the day. Was this a mere retracement or the start of a reversal? Read more….

Japanese Yen (JPY)

It appears that the yen’s losses aren’t over! After its small correction on Tuesday, the yen returned to being sold-off across the board yesterday. The yen lost against most major currencies as it posted a 68-pip loss versus the euro, a 32-pip loss versus the dollar, and a 64-pip loss versus the pound. Read more…

Canadian Dollar (CAD)

It ends at three! Despite clocking in a worse-than-expected report, the Loonie rose in the charts and even dragged USD/CAD below parity by the end of the day. The pair closed 26 pips lower than its open price at .9980. Read more…

Australian Dollar (AUD)

Despite the weaker-than-expected GDP report, AUD/USD managed to post a small gain yesterday. AUD/USD closed the day at 1.0581, a decent 23-pip gain from its opening price. Read more…

New Zealand Dollar (NZD)

After three consecutive days of declines, the Kiwi was able to gasp for air yesterday as it ended a bit higher against the U.S. dollar. NZD/USD opened at .8130, dipped to a low of .8117, then managed to close at .8157. Will it be able to hold on to its recent gains? Read more…

Swiss Franc (CHF)

The Swiss franc managed to stay afloat against the Greenback yesterday as USD/CHF closed 20 pips down from its .9187 open price. Meanwhile, EUR/CHF stayed stuck above the 1.2050 minor psychological level, possibly awaiting a catalyst for a breakout. Will we see one today? Read more…

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

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