Daily Forex Fundamentals – April 25, 2012

What’s on the Economic Horizon

FOMC Statement coming up at 5:30 pm GMT
RBNZ to hold off an interest rate increase?
UK quarterly GDP on tap

U.S. Dollar (USD)

The Greenback took hits against most of its major counterparts yesterday after the U.S. economic reports came in much weaker than many had expected. EUR/USD rose by 35 pips to 1.3187, while USD/CHF fell by 28 pips to .9111. Read more…

Euro (EUR)

Whoa! It looks like the euro was able to shrug off disappointing data like a boss yesterday. EUR/USD ended the day 35 pips higher at 1.3187. Meanwhile, against the yen, the euro gained 47 pips as EUR/JPY closed at 107.21. Read more…

British Pound (GBP)

Is there no stopping the pound? For straight day, the currency was able to edge higher against the safe haven dollar. The pound rallied throughout the day, closing the U.S. trading session versus the dollar 9 pips higher from its opening price. Read more…

Japanese Yen (JPY)

When the market bees start buzzing for more quantitative easing from the BOJ, you can bet your neighbor’s cat that the yen traders will take action! Thanks in part to rumors of more QE from the central bank, EUR/JPY rose by 47 pips to 107.21 while USD/JPY shot from its 80.85 intraday low to close at 81.29. Read more…

Canadian Dollar (CAD)

Negative data? No problem! Traders still went loco for the Loonie yesterday despite disappointing economic reports. USD/CAD traded lower after tapping an intraday high of .9930. By the end of the day’s trading, the pair was down 32 pips at .9879. Read more…

Australian Dollar (AUD)

AUD/USD dropped for a second day in a row yesterday after economic reports from Australia failed to ease concerns of an RBA rate cut next month. The pair dropped to an intraday low of 1.0247 before it leveled off to close 24 pips lower than its open price. Read more…

New Zealand Dollar (NZD)

If you’re a range trader, then you probably loved how the Kiwi moved yesterday! Due to the absence of economic data releases, the currency simply bounced around a tight horizontal 50-pip channel versus the Greenback, finding resistance at .8150 and support at .8100. Read more…

Swiss Franc (CHF)

Despite the country’s trade balance failing to meet expectation, the Swissy was still able to rally slightly yesterday. USD/CHF, which had begun the day at .9139, closed the day 28 pips lower at .9111. 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!