Daily Forex Fundamentals – May 23, 2013

What’s on the Economic Horizon

U.S. Unemployment Claims Expected to Fall to 347K from 360K
Euro Zone PMIs to Determine EUR/USD’s Price Action?
Revisions on U.K.’s Q1 2013 GDP Due Today

U.S. Dollar (USD)

Each major currency ate up the dollar’s dust as Fed head Ben Bernanke and the FOMC meeting minutes confirmed speculations that the Fed is indeed thinking about tapering off asset purchases. EUR/USD spiked above 1.3000 only to tumble down to 1.2850. Meanwhile, USD/JPY made another run above 103.00. Read more…

Euro (EUR)

After two days of reprieve, the euro was back in the red versus the dollar again yesterday. The EUR/USD pair started the day at 1.2906, rose to an intraday high of 1.2999, and then fell back down to close the day at 1.2856. Read more…

British Pound (GBP)

With poor data released, pound selling was all the rage, as it struggled against its major counterparts. GBP/USD dropped 108 pips to finish at 1.5044, while EUR/GBP rose to as high as .8591 before finally settling at .8545, up 28 pips from its opening price. Read more…

Japanese Yen (JPY)

The yen was still unable to escape the bear lair in yesterday’s trading. It gave up 43 pips to the dollar as USD/JPY finished higher at 102.93. It made a good hustle during the New York session against the euro though. EUR/JPY spiked up to 133.81 only to drop to 132.32. However, the yen was still 4 pips short of finishing the day with a win. Read more…

Canadian Dollar (CAD)

The combination of the Ben Bernanke’s speech and weak retail sales figures from Canada took the Loonie to fresh 11-month lows against the Greenback. USD/CAD began the day at 1.0267, but found itself at 1.0372 by the end of the U.S. trading session. Read more…

Australian Dollar (AUD)

Is there no stopping this Aussie sell-off?! The comdoll dropped to its 10-month lows against the dollar yesterday following news that the Fed would soon begin to taper down its asset purchases. AUD/USD closed at .9700 with a 104-pip loss for the day. Read more…

New Zealand Dollar (NZD)

What a crazy day for the Kiwi! After spiking to as high as .8200 during the New York session, NZD/USD came crashing lower late in the day, eventually finishing at .8074, down 87 pips from its opening price! Read more…

Swiss Franc (CHF)

With the dollar on a roll, USD/CHF broke higher to new highs, as it rose 76 pips to finish at .9775. Will we see another bullish move today? Read more…

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