Daily Forex Fundamentals – November 1, 2011

What’s on the Economic Horizon
RBA might cut rates to 4.50%
Swiss retail sales to rebound by 2.3% y/y in Sept
U.K. manu PMI and preliminary GDP figure due

U.S. Dollar (USD)

What a way to end the month! Everything went the dollar’s way yesterday as it strengthened against all of its major counterparts. Not only did it get a boost from the BOJ’s intervention, but it also strengthened on weaker risk appetite. At the end of the day, USD/JPY finished 253 pips higher while EUR/USD fell 285 pips. Read more…

Euro (EUR)

That is not how you wanna start off the week! With the markets locking in once again on the European debt crisis, EUR/USD took a major hit in yesterday’s trading action. Fiber dropped a massive 285 pips to close at 1.3858, completely erasing its gains from late last week. Read more…

British Pound (GBP)

What a day for the pound! Even with risk aversion lurking in the markets, the pound still managed to come out ahead of its European counterparts, clocking in some decent gains versus the euro and franc. EUR/GBP dropped over 150 pips to finish at .8615, its lowest level in a month, while GBP/CHF rose nearly 200 pips to close at 1.4107. Read more…

Japanese Yen (JPY)

Finally!!! After days of “talking the talk” (a.k.a. jawboning), the Bank of Japan finally “walked the walk” and acted to weaken the Japanese yen. As a result, USD/JPY saw a 258-pip gain and closed at 78.18, while EUR/JPY finished 136 pips higher at 108.33 after topping out at 111.59. Read more…

Canadian Dollar (CAD)

Talk about ending the month on a sour note! After putting up some serious winners last week, the Canadian dollar reversed directions and recorded a big 89-pip slide against the Greenback. Is this a sign of things to come? Read more…

Australian Dollar (AUD)

Ouch! That’s gotta hurt! After hanging above the 1.0700 handle on Friday, AUD/USD took a nasty spill and finished 171 pips lower yesterday. With risk appetite declining, the Aussie had trouble finding buyers and found itself closing at 1.0530 against the Greenback. Read more…

New Zealand Dollar (NZD)

Just like its comdoll siblings, the New Zealand dollar traded to the beat of risk aversion yesterday and fell flat on its face. After opening at .8199, NZD/USD found itself trading at .8067 by the end of the New York session, marking a 132-pip loss for the day. Read more…

Swiss Franc (CHF)

Mixed day for the franc, as it took a hit versus the pound and dollar but managed to edge higher against the euro. What gives? Read more…

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

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