Daily Forex Fundamentals – May 2, 2012

What’s on the Economic Horizon

Swiss retail sales to grow 1.2%?
Euro zone employment data on tap
U.K. construction PMI seen at 54.1
U.S. ADP expected to show increase of 178,000
New Zealand unemployment data set to rock NZD

U.S. Dollar (USD)

Better-than-expected U.S. economic data propped the U.S. dollar up against its major counterparts in yesterday’s trading. EUR/USD fell short of its rally to 1.3300 and dipped to a low of 1.3204 while USD/JPY closed 17 pips above the 80.00 handle. Can the Greenback hold on to its gains today? Read more…

Euro (EUR)

With euro zone markets closed in celebration of Labour Day, EUR/USD spent the entire day chilling on the charts. As a matter of fact, after 24 hours of trading, it finished just 2 pips lower at 1.3239, forming a third consecutive doji on the daily chart! Will this pair finally bust a move today? Read more…

British Pound (GBP)

With many European traders on a holiday and the U.K. printing weak data, the pound bulls hardly saw any action yesterday. GBP/USD capped the day 10 pips below its open price while EUR/GBP closed at .8162 after hitting an intraday high of .8199. Read more…

Japanese Yen (JPY)

The Japanese yen took a hit from all of its major counterparts yesterday, with USD/JPY landing above the 80.00 handle and GBP/JPY bouncing above 130.00. It seems that risk sentiment isn’t really on the Japanese yen’s side these days, but is there anything else on the calendar that could move yen pairs today? Read more…

Canadian Dollar (CAD)

Riding the coattails of positive U.S. manufacturing data, the Loonie was able to stage a rally late in the New York session. After trading above the .9870 support area for the first half of the day, USD/CAD dove down sharply to end the day 21 pips lower at .9858. Read more…

Australian Dollar (AUD)

And the RBA bites the bullet! A larger-than-expected rate cut of 0.5% from the Australian central bank pushed the Aussie down under, with AUD/USD crashing below the 1.0400 handle and closing at 1.0333. AUD/JPY also chalked up a loss as it slipped below the 83.00 mark. Read more…

New Zealand Dollar (NZD)

With no data out from New Zealand yesterday, NZD/USD traded on risk and dollar sentiment. Unfortunately for the Kiwi, the pair got dragged down by 23 pips to .8155 after it hit an intraday high at .8190. Read more…

Swiss Franc (CHF)

Switzerland was on a bank holiday yesterday, so price action of franc pairs was even more subdued than the usual. USD/CHF ended the day with another doji, while EUR/CHF crept up by 2 pips to 1.2017. At this rate it would be more interesting to watch the Nyan cat video all day! Read more…

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