Daily Forex Fundamentals – May 17, 2011

What’s on the Economic Horizon

U.K. CPI to rise again?
German and EZ ZEW expected to show decreased optimism
U.S. building permits and housing starts data on tap

U.S. Dollar (USD)

What a day! It had its ups and it had its downs, but ultimately, the dollar ended the day weaker as risk aversion seems to have eased, thanks to the EU meeting. While it managed to post nice wins against the Loonie and Kiwi, it didn’t fare as well against the other major currencies. EUR/USD climbed 105 pips to 1.4181 while USD/CHF slid about 100 pips to .8839. Read more…

Euro (EUR)

Surprisingly, despite all the concerns about Greek debt, the euro hasn’t dropped off TOO much, and even managed to post some gains to start the week. EUR/USD rose to 1.4181, closing 105 pips higher from its opening price. Read more…

British Pound (GBP)

Bears pulled off ‘The Creep’ on the pound during the New York session yesterday. Sellers stalked the currency from its intraday high at 1.6255 against the dollar and took it down to close the day 7 pips lower from its opening price at 1.6204. Read more…

Japanese Yen (JPY)

Aww yeah, DJ Yen mixin’ it up! The yen posted mixed results on the charts after posting equally mixed economic data. While USD/JPY edged 10 pips lower to 80.76, EUR/JPY climbed 73 pips up to 114.54. Read more…

Canadian Dollar (CAD)

And the losing streak continues! For the fourth consecutive day, the Canadian dollar found itself on the losing side, as USD/CAD managed to close 51 pips higher at .9739. Can the Loonie bounce back? Read more…

Australian Dollar (AUD)

The Greenback took an early lead against the Aussie as home loans data slowed the Australian currency down, but in the end, the Aussie had the last laugh! After hitting an intraday low of 1.0513, AUD/USD rallied to close the day 17 pips higher at 1.0590. Read more…

New Zealand Dollar (NZD)

Just when you thought the Kiwi was going to spend the day chillin’ like a villain at the .7850 psychological handle, it suddenly drops almost a hundred pips against the dollar to its intraday low at .7755. It then pared its losses but at the end of the day, NZD/USD was still 31 pips lower from its opening price at .7818. Read more…

Swiss Franc (CHF)

The Swiss franc is off to a good start! Thanks to risk aversion, it ended Monday with a 99-pip gain against the dollar and a 45-pip against the euro. Oooh, they got nothing on you Swissy! Read more…

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