Daily Forex Fundamentals – October 11, 2012

What’s on the Economic Horizon

Australian employment report surprises markets
Canadian trade balance on tap
U.S. trade deficit expected to widen

U.S. Dollar (USD)

The dollar finally let up on its rally yesterday, allowing higher-yielding currencies to recover some of their recent losses. Without any major catalysts to shake up the markets, EUR/USD found itself drifting 31 pips higher and ending the day at 1.2901. Meanwhile, Cable crawled 23 pips up to settle at 1.6011. Read more…

Euro (EUR)

The euro was able to stave off the dollar’s advances yesterday thanks to some positive comments by German Chancellor Angela Merkel and French President Francois Hollande. Their upbeat comments helped EUR/USD climb 31 pips to finish at 1.2901. Read more…

British Pound (GBP)

Without any economic reports from the U.K., the pound was simply chillin’ like ice cream fillin’ on the charts in yesterday’s trading. It ended the day 23 pips higher at 1.6011 against the dollar. Meanwhile, it was almost unchanged against the yen finishing the day 4 pips below its opening price at 125.08. Read more…

Japanese Yen (JPY)

What goes around comes around! While the yen stole another 10 pips from the dollar, it couldn’t help but lose 12 pips to the euro. What’s in store for yen traders today? Read more…

Canadian Dollar (CAD)

And the consolidation continues! USD/CAD was once again stuck within a range and failed to break off for any new highs or lows. The pair ended the day trading at .9807, just 21 pips above its opening price. Read more…

Australian Dollar (AUD)

Let’s hear it for the Aussie! For the third day in a row, it managed to snatch pips away from the Greenback. Buyers took AUD/USD up 38 pips to 1.0237, and so far, they’re showing no signs of stopping! Read more…

New Zealand Dollar (NZD)

The Kiwi flew to an intraday high of .8207 against the dollar only to crash in the New York session. By the end of the day’s trading, NZD/USD had settled 1 pip below its opening price at .8166. Read more…

Swiss Franc (CHF)

Swiss franc’s got swag! Despite bad news from the euro zone, the currency still held steady against the dollar. USD/CHF traded lower after tapping an intraday high of .9433, ending the day 41 pips below its opening price at .9383. Read more…

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