Daily Forex Fundamentals – April 24, 2013

What’s on the Economic Horizon

U.S. Manufacturing Reports Disappoint
Australian CPI Prints Below Forecast
NZD Rallies on the RBNZ’s Optimism

U.S. Dollar (USD)

Like cheese and nachos, there’s no denying that the dollar and risk aversion go really well together. Concerns about slowing global growth sparked risk aversion in yesterday’s trading and allowed the dollar to score gains against all of its higher-yielding counterparts. Boo yeah! Read more…

Euro (EUR)

Awful, awful performance! Due to the generally weaker-than-expected manufacturing and services PMIs from the euro zone, the shared currency took a major dive yesterday. After starting out the day at 1.3062, the pair plunged as low as 1.2972 before settling at 1.2999 at the end of the U.S. trading session. Read more…

British Pound (GBP)

Both the pound bulls and bears got busy yesterday as they considered the U.K.’s grim reports and the overall risk aversion in the euro region. GBP/USD slipped by 40 pips but EUR/GBP also fell by 19 pips. Read more…

Japanese Yen (JPY)

Without any catalyst from Japan, the yen’s scorecard was as mixed as a bag of M&M’s in yesterday’s trading. While it gave up 11 pips to the dollar, it finished the day with a 36-pip gain against the euro when EUR/JPY closed at 129.29. Read more…

Canadian Dollar (CAD)

Although USD/CAD experienced quite a bit of volatility yesterday, the pair still ended up basically where it had begun the day. It opened at 1.0260, rose near the previous day’s high at 1.0286, and then closed at 1.0263. Read more…

Australian Dollar (AUD)

What a comeback! After plunging to its 7-week low at 1.0221 following the disappointing Chinese manufacturing report, AUD/USD pared its losses in the London session. By the day’s close, the pair was back to where it started the day at 1.0267. Read more…

New Zealand Dollar (NZD)

Nothing like central bank optimism to boost a currency! NZD/USD might have ended up with an 8-pip loss yesterday but it looks like things are turning around for the comdoll! Here’s why. Read more…

Swiss Franc (CHF)

The franc is back in the game, baby! After eons of merely reacting to its counterparts’ price action, the franc showed off its own moves yesterday. USD/CHF popped up by 108 pips while EUR/CHF moved closer to 1.2300 by rising by 81 pips. What the heck happened? 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!