Daily Forex Fundamentals – April 18, 2013

What’s on the Economic Horizon

Initial Jobless Claims and Philly Fed Index on Deck
U.K. Retail Sales to Fall 0.7%?

U.S. Dollar (USD)

Due to disappointing corporate earnings, risk aversion ended up as the dominating market theme yesterday. This meant that the Greenback reigned supreme, and showed everyone who the true king of the foreign exchange market is. The U.S. dollar index, which tracks the performance of the Greenback versus a basket of other major currencies, rose to 83.13 from 82.30. Read more…

Euro (EUR)

What a disaster! A day after zooming up the charts, EUR/USD came crashing down yesterday, erasing all its gains from Tuesday. The pair eventually finished at 1.3030, marking a 150-pip decline on the day! Read more…

British Pound (GBP)

Talk about having a tough day! The pound gave up ALL of its gains on Tuesday (and much more!) to the dollar. After GBP/USD opened at what turned out to be its intraday high at 1.5375, the pair dropped like a rock to close at 1.5240. Read more…

Japanese Yen (JPY)

If mixed is your thing, then you probably enjoyed how the yen moved yesterday. While it lost slightly against the dollar, the currency was able to post some gains versus both the euro and the pound. USD/JPY, for instance, rose to 97.21 from 97.60. EUR/JPY, in contrast, fell to 127.91 from 128.65. Read more…

Canadian Dollar (CAD)

Thanks to change of heart by the Bank of Canada, the Canadian dollar took a massive hit in yesterday’s trading action. After opening a shade above 1.0200, USD/CAD eventually zoomed higher following the BOC rate statement, eventually closing at 1.0265. What gives? Read more…

Australian Dollar (AUD)

Just when you thought the currency was going to stage a major comeback, it makes a complete 180 degree turn and sells-off! After its strong performance on Tuesday, AUD/USD suffered a major defeat yesterday and more than 100 pips. The currency pair ended the U.S. trading session at 1.0294, down from 1.0395. Read more…

New Zealand Dollar (NZD)

The Kiwi is now back in the red! After finishing higher against the dollar on Tuesday, the comdoll settled in the bear lair in yesterday’s trading. NZD/USD closed with a 70-pip loss at .8433. Boo! Read more…

Swiss Franc (CHF)

USD/CHF skyrocketed in yesterday’s trading faster than you could say, “There she blows!” The pair bounced off its day open price at .9221 and finished higher at .9331. What caused the franc’s loss? Read more…

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

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!