Daily Forex Fundamentals – September 30, 2011

What’s on the Economic Horizon

German Bundestag Votes for EFSF Bill
Fitch Cuts New Zealand’s Credit Rating
Canadian GDP to Tick Slightly Higher
Swiss KOF Economic Barometer On Tap

U.S. Dollar (USD)

The dollar’s performance was as messy as a Sloppy Joe yesterday. It was able to munch on pips from the comdolls and the yen. However, it closed with losses against its European counterparts. Read more…

Euro (EUR)

Just when you thought the euro was poised for another magnificent rally and post new monthly highs during the morning European trading session, it was brought back down to earth once the U.S. trading session rolled along. EUR/USD, which started off at 1.3548, had gone as high as 1.3679 before falling back to close the day at 1.3588. Read more…

British Pound (GBP)

Despite mixed economic feedback, the pound was able to chalk up decent gains against its safe haven counterparts. While GBP/USD ended the day 40 pips higher at 1.5616, GBP/JPY finished 63 pips higher at 119.89. Will it end the week on a high note or will it give back its recent gains? Read more…

Japanese Yen (JPY)

As risk appetite kicked in yesterday, investors shoved aside the yen and sought after higher-yielding currencies. USD/JPY closed 27 pips above its opening price at 76.84 while EUR/JPY ended the day at 104.34 after opening at 103.73. Read more…

Canadian Dollar (CAD)

No thanks to positive economic data from Uncle Sam, its next door neighbor, the Loonie was unable to hold its ground versus the Greenback. USD/CAD, which had started out at 1.0326, found itself sitting at 1.0364 by the end of the day. Read more…

Australian Dollar (AUD)

Price action on AUD/USD was as intense as my P90x workout! After rallying to its intraday high of .9879, the pair tumbled back near its Asian session lows at .9707. The bulls then took control of the pair again but the Aussie didn’t hustle enough muscle to close with a win. AUD/USD ended the day 3 pips below its opening price at .9787. Whew! Read more…

New Zealand Dollar (NZD)

With Fitch announcing a surprise downgrade of New Zealand’s sovereign debt, the Kiwi stood no chance against the Greenback. NZD/USD slipped 53 pips to .7717, despite a healthy rise in building consents. Read more…

Swiss Franc (CHF)

Green Day’s hit single “Wake Me Up When September Ends” seems to be the Swiss franc’s theme song! It has been asleep on the charts in the past few days and has stayed within a very narrow range against the euro. Yesterday, EUR/CHF only moved 2 pips up to close at 1.2197. Will it wake up today or will it stay abed? Read more…

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