Daily Forex Fundamentals – November 7, 2012

What’s on the Economic Horizon

Markets focused on U.S. elections
RBA keeps rates steady at 3.25%
Mixed PMIs from the Euro Zone
U.K. manufacturing production falls short of forecast

U.S. Dollar (USD)

The dollar’s price action in yesterday’s trading was as mixed as a piña colada. It gave up ground to its higher-yielding counterparts, with EUR/USD closing 22 pips higher at 1.2816 and GBP/USD finishing with a 22-pip gain at 1.5994. On the other hand, USD/JPY ended the day at 80.41 after opening at 80.27. Read more…

Euro (EUR)

For the first time in 4 days, EUR/USD was able to post a winner. The pair, which started the day at 1.2790, closed the day 27 pips higher at 1.2817. Sure, the gains weren’t as big as the losses the pair incurred last week, but a win is a win. Read more…

British Pound (GBP)

With the markets focusing their attentions on the U.S. elections, we didn’t see much movement on GBP/USD yesterday. The pair traded within its average daily range and finished at 1.5994, just 22 pips above its opening price. Read more…

Japanese Yen (JPY)

The yen got kicked to the curb as talks of further easing from the BOJ once again hit headlines. After opening at 80.27, USD/JPY closed higher at 80.41. Meanwhile, EUR/JPY was up 39 pips at 103.05 by the end of the New York session. Read more…

Canadian Dollar (CAD)

Ohhhh, muscles! The Canadian dollar showed what strength is all about yesterday as it rallied strongly versus the U.S. dollar. From its day open price at .9969, USD/CAD dropped like a rock to end the U.S. trading session at 51 pips lower at .9918. Read more…

Australian Dollar (AUD)

Cowabunga! The Aussie continued its ride up the charts after the RBA surprised the markets by keeping rates steady. AUD/USD strongly broke resistance at the 1.0400 handle, closing 78 pips above it’s opening price at 1.0438. Read more…

New Zealand Dollar (NZD)

Thanks to a nice rally in commodities, the Kiwi was able to run up the score versus the dollar yesterday. NZD/USD rallied 33 pips to finish at .8277. Do the bulls have enough juice to push the pair up to former highs around .8350? Read more…

Swiss Franc (CHF)

Looks like we’re gonna be in for quite a battle between the bulls and the bears on USD/CHF! Yesterday’s price action resulted in a doji-like candle, which means that we’re seeing some indecision in the markets right now. Who will prevail, the bulls or the bears? Read more…

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