Daily Forex Fundamentals – March 9, 2012

What’s on the Economic Horizon
U.S. NFP figure to show 209K increase in hiring
Canadian trade surplus could narrow from 2.7B to 2.0B CAD
Greek PSI announcement at 6:00 am GMT today

U.S. Dollar (USD)

The Greenback was one of the biggest losers in yesterday’s competition as traders rushed to cover their short positions prior to the Greek PSI announcement. EUR/USD surged to a high of 1.3292 before closing at 1.3267 while GBP/USD landed above the 1.5800 handle. Are the safe-haven rallies really over? Read more…

Euro (EUR)

Make no mistake about it, the euro is alive and kicking! It rose 118 pips against the dollar and rallied 153 pips against the yen as the markets were relieved to see reports that showed that more of Greece’s creditors will exchange their old bonds for new ones. Read more…

British Pound (GBP)

We’re finally seeing solid gains! With risk appetite taking center stage in markets yesterday, Cable jumped 84 pips higher than its open price, while GBP/JPY also rose by 135 pips to 129.10. How much did the BOE’s interest rate decision factor into the pound’s price action? Read more…

Japanese Yen (JPY)

The Japanese yen lost another round to the higher-yielding currencies as traders covered their short positions ahead of the Greek PSI announcement. EUR/JPY managed to close 26 pips above the 108.00 level while GBP/JPY ended 10 pips above the 129.00 mark. Will the yen be able to bounce back today? Read more…

Canadian Dollar (CAD)

Everything was going the Loonie’s way yesterday as a rise in oil prices and the BOC’s optimistic rate statement cleared the path for the Canadian currency to climb up the charts. USD/CAD posted a 70-pip slide, its largest in over a month, as it closed at .9910. Read more…

Australian Dollar (AUD)

Going strong, eh? The Aussie was able to extend its winning streak for yet another day as it closed higher against the Greenback and the Japanese yen yesterday. AUD/USD reached a high of 1.0670 then closed at 1.0643 while AUD/JPY ended 16 pips shy of the 87.00 mark. Read more…

New Zealand Dollar (NZD)

Ah, what a good day for the comdolls! Though no economic report was released from New Zealand, the Kiwi was able to pare more of its losses against the Greenback on a risk-on market environment. NZD/USD even peaked at an intraday high of .8281 before capping the day 88 pips higher than its open price. Read more…

Swiss Franc (CHF)

The franc went along the risk appetite train yesterday as it showed mixed action against its major counterparts. USD/CHF reflected the dollar weakness that followed a rally in high-yielding currencies by sliding 79 pips lower than its open price, while EUR/CHF inched 4 pips higher at 1.2056. Read more…

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Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!