Daily Forex Fundamentals – October 1, 2012

What’s on the Economic Horizon
Fed head Bernanke set to testify today
Chinese manufacturing industry still in a slump

U.S. Dollar (USD)

The Greenback ended the third quarter of the year with a bang as it closed higher against its major counterparts last Friday. EUR/USD ended the day at 1.2851 while USD/JPY closed 3 pips above the 78.00 handle. What’s in store for the U.S. dollar today? Read more…

Euro (EUR)

No strong finish here! The euro ended up posting its biggest loss in 6 days to end the quarter as EUR/USD slid 61 pips to 1.2851. And it looks like sellers aren’t done dumping euros yet! Read more…

British Pound (GBP)

Better-than-expected U.K. data? Meh. The pound traders were more interested in risk sentiment as they dragged the currency lower against its counterparts. Cable suffered a 94-pip blow at 1.6142 while EUR/GBP inched 10 pips higher at .7962. What made the euro stronger than the pound last Friday? Read more…

Japanese Yen (JPY)

You can’t win ’em all, can you? The Japanese yen had a mixed performance last Friday as it ended higher against the British pound and the Australian dollar but closed in the red against the euro. Will it be able to find a clearer direction today? Read more…

Canadian Dollar (CAD)

Out of the way, Loonie sellers comin’ through! With the markets still acting on risk aversion, USD/CAD ended up erasing a good chunk of its gains from Thursday as it rose 22 pips on the day. And it didn’t stop there! Over the weekend, the pair gapped up from last Friday’s close at .9831 to start the month at .9839! Read more…

Australian Dollar (AUD)

Timberrrr! The Australian dollar’s recent gains were chopped off last Friday as AUD/USD tumbled from the 1.0450 mark to close at 1.0373. AUD/JPY had its share of losses as the pair closed 6 pips shy of the 81.00 handle. Let’s find out of the Aussie has a chance to bounce back today. Read more…

New Zealand Dollar (NZD)

Like its comdoll buddies, the Kiwi didn’t stand a chance against the Greenback last Friday when investors were bent on dragging the high-yielding currencies lower across the board. NZD/USD tipped at an intraday high of .8357 before risk aversion took over and dragged the pair to its .8288 closing price. Read more…

Swiss Franc (CHF)

With risk aversion dominating price action last Friday, it’s no surprise that the franc lost to its fellow low-yielding Greenback but bagged pips against the euro. USD/CHF shot up by 31 pips, while EUR/CHF capped the day 18 pips lower than its open price. Read more…

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  • Meganand Seth

    Can you help me understand why a better than expected Ism manufacturing pmi would be positive for risk and negative for the greenback please? Forgive me, I’m still in Elementary school. Thanks