Daily Forex Fundamentals – April 17, 2012

What’s on the Economic Horizon

RBA Minutes Hint Possible Rate Cut In May
U.K. CPI On Tap!
BOC Expected To Keep Rates At 1.00%
Spanish Bond Yields Climb Above 6%

U.S. Dollar (USD)

Yesterday’s roster of U.S. economic reports was as mixed as a Long Island Iced Tea. Consequently, it got the dollar throwing up some of the pips that it chugged in last Friday’s trading. EUR/USD bounced almost 150 pips from 1.3000. Meanwhile, USD/JPY ended the day with a 44-pip loss at 80.45. Read more…

Euro (EUR)

Now that’s how you stage a come-from-behind victory! The euro took a beating early in the day as EUR/USD slumped to as low as 1.2995. However, it regained its composure once the London session began and took the pair up to 1.3137, where it ended the day with a 69-pip gain. Read more…

British Pound (GBP)

Mixed results for the pound yesterday, which rallied against the dollar but stumbled against yen before recovering late in the day. By the end of the New York session, GBP/USD traded 49 pips higher to finish at 1.5897, while GBP/JPY backed off its lows at 127.12 to close at 127.88, marking a 32-pip loss for the day. Read more…

Japanese Yen (JPY)

The yen ain’t no Mick Jagger but with the swag it displayed on the charts yesterday, we might as well nickname it Mick! It rallied against all of its major counterparts, gaining 44 pips from the dollar, 32 pips from the pound, and 3 pips from the euro. Read more…

Canadian Dollar (CAD)

With the BOC’s rate statement just around the corner, it seems the Loonie was in no mood to budge yesterday as it ended virtually unchanged against the Greenback. USD/CAD rose to an intraday high of 1.0034 before it settled at .9998, up just 3 pips on the day. Will today’s rate statement finally get it moving? Read more…

Australian Dollar (AUD)

Uh oh, the Aussie is off to a bad start! It got sold off early on in the Tokyo session yesterday, reaching a low of 1.0311 against the dollar, before rallying. Sadly, the Aussie bulls didn’t hustle their muscle enough to end the day with a win. AUD/USD closed 22 pips shy from its opening price at 1.0356. Read more…

New Zealand Dollar (NZD)

Looks like the Kiwi bulls were still hungover from the weekend, as the Kiwi had no pop in its step yesterday! After gapping up to start the week, NZD/USD soon came crashing down, as it fell 50 pips to end the day at .8203. Read more…

Swiss Franc (CHF)

Just like the other European currencies, the Swiss franc gained versus the dollar, but not before experiencing some rough sailing earlier in the day. USD/CHF hit a high at .9252 before tumbling down the charts to finish at .9148, down exactly 50 pips below its opening price. Read more…

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In forex trading, you get better odds at securing pips when your fundamental analysis is complemented by technical analysis.

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