Daily Forex Fundamentals – October 27, 2011

What’s on the Economic Horizon
U.S. Advance GDP to Show 2.4% Growth
BOJ Widely Expected to Keep Rates Unchanged

U.S. Dollar (USD)

The hopeful dollar bulls got whipsawed big time yesterday. The dollar gave out a strong performance late in the European trading session but its gains proved unsustainable. EUR/USD, for instance, went as low as 1.3800 and then popped back up to 1.3900. EUR/USD is currently trading at 1.3980, its highest level in almost two months. Read more…

Euro (EUR)

Despite the lack of progress on the EU-related meetings yesterday, the euro managed to pare back its losses against its major counterparts. EUR/USD held steady at 1.3905, while EUR/JPY climbed from an intraday low of 104.75 to close near the 106.00 area. Read more…

British Pound (GBP)

Up against the yen and down against the Greenback and the euro! That’s how the pound fared during yesterday’s choppy market environment. GBP/USD closed 22 pips down from its 1.5994 open price while GBP/JPY ended at 121.76. Will the pound find a clearer direction today? Read more…

Japanese Yen (JPY)

The yen received a beating across the board yesterday due to market optimism on the results of the EU summit. EUR/JPY, which traders consider as a good barometer of risk appetite, is currently trading at 106.30, more than 150 pips higher from its lowest level yesterday. Read more…

Canadian Dollar (CAD)

Forget interest rate talks, risk sentiment trading is back in vogue! Despite the BOC repeating its dovish tone yesterday, USD/CAD reached an intraday low of 1.0042 before leveling off 112 pips lower than its open price. Read more…

Australian Dollar (AUD)

Yesterday turned out to be a very disappointing day for the Aussie since it was unable to take advantage of the market’s optimism. The weaker-than-expected Australian CPI weighed down on the currency, preventing it from rallying against the dollar and the yen like other major currencies. AUD/USD ended the day at 1.0401, 26 pips lower from opening price during the Asian session. Read more…

New Zealand Dollar (NZD)

Chop, chop, chop! No, I’m not quoting Master Chef Gordon Ramsay here. I’m talking about the Kiwi’s movement during yesterday’s trading! At first, price was stuck in tight consolidation around the .7950 handle before breaking down then bouncing back up again. Will the Kiwi make up its mind today? Read more…

Swiss Franc (CHF)

The Swiss franc can’t seem to hold on to its gains, can it? After dipping to a low of .8279 against the U.S. dollar, the franc let go of its wins as USD/CHF eventually closed at .8810. The same thing happened against the euro as EUR/CHF fell to a low of 1.2156 then rallied back up to close at 1.2251. Read more…

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Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!

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