Daily Forex Fundamentals – October 7, 2011

What’s on the Economic Horizon

U.S. NFP to Show Increase of 55,000 Jobs
BOJ Monetary Policy Statement Due Today
Canadian Employment Data on Tap
U.K. PPI Expected to Rise

U.S. Dollar (USD)

What’s another way of spelling “weak sauce?” U-S-D! The U.S. dollar was one of yesterday’s weakest currencies as traders continued to ditch it in favor of its major counterparts, taking EUR/USD up 104 pips to 1.3348 and USD/JPY down 13 pips to 76.60. Will today’s NFP report cause a major shift in sentiment for the dollar? Read more…

Euro (EUR)

What a crazy day for the euro! After hitting an intraday low at 1.3241 midway through the London session, EUR/USD reversed its losses and by the end of the day, was trading above the 1.3400 handle! That’s what you call a comeback! Read more…

British Pound (GBP)

Did you hear the news? The BOE announced another round of easing yesterday! Because of that, GBP/USD tumbled from a high of 1.5502 to a low of 1.5272 in just a couple of hours. However, the pair was able to pull up from its dive and finish just 10 pips below its 1.5464 open price. Meanwhile, GBP/JPY managed to keep its head above 118.00 as it closed 40 pips above that psychological level. Read more…

Japanese Yen (JPY)

The yen pretty much gave as good as it got yesterday. It gained ground against the dollar and the pound, but retreated against the euro, Aussie, and Kiwi. Will it continue its Jekyll and Hyde performance today? Read more…

Canadian Dollar (CAD)

The Canadian dollar piggybacked on the coattails of risk appetite yesterday, allowing it to buck some earlier losses and not-so-encouraging data to finish ahead of the Greenback. After hitting an intraday high at 1.0480, USD/CAD fell 100 pips and found itself trading below the 1.0400 handle by the end of the day. Read more…

Australian Dollar (AUD)

Surf’s up, dudes! The Aussie found itself going with the flow as yesterday’s bout of risk taking took it for a sweet ride. After a few wild swings, AUD/USD eventually settled 102 pips higher at .9755. Read more…

New Zealand Dollar (NZD)

Ain’t nothing gonna stop the Kiwi! The New Zealand dollar chalked up another day of wins against the Greenback as risk appetite extended its stay in the markets. Last time I checked, NZD/USD was already testing the .7700 handle. Will that level hold or will we see a breakout today? Read more…

Swiss Franc (CHF)

The Swissy just can’t seem to get back on its feet, can it? It took another beating from the Greenback yesterday as USD/CHF climbed to a high of .9232 before closing 6 pips below the .9200 handle. EUR/CHF, on the other hand, topped out at 1.2424 then closed 45 pips above 1.2300. Read more…

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