Daily Forex Fundamentals – April 24, 2012

What’s on the Economic Horizon

U.S. New Home Sales Expected to Have Risen in March
U.K. Public Sector Net Borrowing to Show a 15 Billion GBP Surplus
Canadian Data on Consumer Spending to be Published Today

U.S. Dollar (USD)

The Greenback found itself significantly higher yesterday, thanks to the rising political uncertainty and disappointing economic data from Europe yesterday. The U.S. dollar index, which started the week at 79.67, had risen as high as 80.11 before settling at 79.85 by the end of the U.S. trading session. Read more…

Euro (EUR)

Ooomph! The euro received a roundhouse kick from its major counterparts yesterday after weak economic data, political scuffles, and contagion concerns hit the euro region. EUR/USD even dropped to an intraday low near 1.3100 during the U.S. session! What the heck happened? Read more…

British Pound (GBP)

Ah, ha! It looks like the pound is off to a good start! Despite risk aversion dominating market sentiment, it was still able to hold its ground against the dollar. GBP/USD ended yesterday’s trading 25 pips higher at 1.6129. Meanwhile, against the euro, it tapped its 20-month high at .8148 before EUR/GBP closed at .8154. Read more…

Japanese Yen (JPY)

In a surprising turn of events, the yen was able to stage a stellar rally against other major currencies yesterday. USD/JPY, for instance, closed the day at 81.16, 42 pips lower from its opening price during the Asian trading session. Read more…

Canadian Dollar (CAD)

Thanks to interest rate hike expectations, the Loonie was spared from the comdoll bloodbath that we saw yesterday. USD/CAD dropped from its intraday high of .9980 and actually ended the day with an 18-pip gain at .9910. Boo yeah! Read more…

Australian Dollar (AUD)

The combination of worse-than-expected economic data and bad news from the euro zone took a huge toll on the Aussie yesterday, pushing the currency lower against the safe haven Greenback. The Aussie closed the day at 1.0316, 54 pips lower from its opening price. Read more…

New Zealand Dollar (NZD)

Look down belooow! The Kiwi swan-dived in yesterday’s trading as risk aversion dominated market sentiment. NZD/USD dropped to its 5-week low before closing the day at .8135, 42 pips below its opening price. Read more…

Swiss Franc (CHF)

Ooops! It seems that the Swiss franc let pips slip off its hands yesterday. It pared some of its wins from Friday against the dollar as USD/CHF closed 25 pips above its opening price at .9139. 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!