Daily Forex Fundamentals – September 6, 2012

What’s on the Economic Horizon

BOE to deliver upbeat assessment in rate statement?
Markets await ECB rate decision with bated breath
U.S. reports set to rock New York session

U.S. Dollar (USD)

No risk aversion this time around! With traders generally feeling more upbeat, the dollar tracked lower against most of its counterparts. What kind of action can we expect today? Read more…

Euro (EUR)

The euro does it again! Thanks to speculation of ECB bond purchases and risk appetite in the markets, the euro ended the day higher against its counterparts. EUR/USD closed at 1.2594 after testing the 1.2500 handle, while EUR/JPY registered a 19-pip gain. What’s in store for the euro today? Read more…

British Pound (GBP)

What a topsy-turvy day for the pound! GBP/USD got an extra dose of volatility yesterday as it dipped to a low of 1.5826 then jumped to a high of 1.5935 before closing at 1.5901. What the heck happened during yesterday’s trading sessions? Read more…

Japanese Yen (JPY)

As usual, USD/JPY was a ghost town as it barely slipped 4 pips to finish at 78.39. On the other hand, EUR/JPY continued to consolidate between 99.00 and 98.00, ending the day 19 pips higher at 98.72. Will these pairs finally bust a move today? Read more…

Canadian Dollar (CAD)

Ouch! After lollygagging at the .9850 level, USD/CAD powered higher and capped the day 51 pips above its open price. Did the BOC’s interest rate decision have anything to do with the price action? Read more…

Australian Dollar (AUD)

Three in a row ain’t so good when it’s losses were talking about! For the third straight day, AUD/USD slid lower as the Aussie was one of yesterday’s weakest performers. The pair started to fall after Australia had missed its GDP forecasts, and in the end, price closed 38 pips below its opening price at 1.0186. Read more…

New Zealand Dollar (NZD)

After a couple of days of losing to the mighty Greenback, the Kiwi was able to squeeze in some gains during yesterday’s trading as NZD/USD closed at .7945, 6 pips up from its .7939 open price. Was this merely a retracement or are we going to see a strong rebound soon? Read more…

Swiss Franc (CHF)

Thanks to a slight improvement in risk sentiment, the Swiss franc was able to pocket some gains against the Greenback during yesterday’s trading. However, price action was a little more volatile than usual as USD/CHF spiked to a high of .9609, dipped to a low of .9530, before closing at .9560. Read more…

Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.

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