Daily Forex Fundamentals – September 15, 2011

What’s on the Economic Horizon
U.K. retail sales growth expected to tick lower
SNB to release monetary policy assessment today
U.S. Philly Fed Index to disappoint again?

U.S. Dollar (USD)

The Greenback’s performance yesterday was as mixed as a bag of nuts as it gained against the comdolls, euro, and pound but lost ground to the Swissy and yen. With the U.S. dollar outpacing the higher-yielders and lagging behind its fellow safe-havens, it’s pretty clear that we have risk aversion dominating the markets. Will we see more of this market sentiment today? Read more…

Euro (EUR)

This bad boy’s certainly on a roll, isn’t it? Though the markets remain focused on Europe’s sovereign debt woes, the euro managed to pull off another victory against the dollar. Actually, it recorded its third straight uptick as it rose 58 pips against the USD! Will it continue its winning streak today? Read more…

British Pound (GBP)

Even with the release of slightly better-than-expected employment figures, pound pairs failed to get on their feet yesterday. GBP/USD closed 12 pips lower at 1.5778, but not before hitting as low as 1.5707 midway through the London session. Meanwhile, GBP/JPY dropped 45 pips to finish at 120.94. Read more…

Japanese Yen (JPY)

A strong case of risk aversion propped the Japanese yen up against most of its counterparts, including the U.S. dollar. USD/JPY ended 24 pips below its 76.88 open price while GBP/JPY closed 6 pips below the 121.00 handle. However, the yen surprisingly lost ground to the euro, with EUR/JPY closing 14 pips up from its 105.28 open. Can the yen continue to benefit from risk aversion today? Read more…

Canadian Dollar (CAD)

It stops at two! The Loonie put an end to its winning streak as it failed to strengthen against the Greenback during yesterday’s trading. After opening at .9853, USD/CAD quickly rose up above .9900 and pretty much chilled above this level for the rest of the day. When all was said and done, it closed at .9904 to record a 51-pip gain. Read more…

Australian Dollar (AUD)

Make that five in a row! The Australian dollar added another day to its losing streak against the Greenback and the yen, with AUD/USD closing at 1.0269 and AUD/JPY landing at 78.71. How low can the Aussie go? Read more…

New Zealand Dollar (NZD)

So much for gaining momentum! The Kiwi took another step back yesterday, as it hit an intraday low at .8142 before closing at .8207, down 41 pips for the day. Could NZD/USD be headed for more losses today? Read more…

Swiss Franc (CHF)

Another quiet day on the EUR/CHF front, which traded within a tight range of just 28 pips and closed 9 pips higher at 1.2047. It really looks like traders are respecting the SNB’s wishes! Read more…

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