Daily Forex Fundamentals – April 4, 2012

What’s on the Economic Horizon

U.K. services PMI to tick lower
Euro zone rate decision set to rock the markets
U.S. ISM non-manufacturing PMI on deck

U.S. Dollar (USD)

The Greenback showed the other currencies who’s boss yesterday after the FOMC minutes boosted appetite for the dollar. EUR/USD dropped by 96 pips to 1.3232, while USD/JPY rocketed 76 pips to 82.82. Booyah! Read more…

Euro (EUR)

Another one bites the dust! Like most currencies, the euro took a big hit against the dollar as the Fed softened its stimulus stance, leading EUR/USD to slide 96 pips to 1.3232. Read more…

British Pound (GBP)

Just when you thought Cable was going to sail through the day smoothly, it suddenly experienced a huge crash before closing the U.S. trading session. The pair ended the day at 1.5916, 118 pips lower from its opening price. Read more…

Japanese Yen (JPY)

The yen wasn’t able to follow up on its gains yesterday as bullish FOMC minutes decreased appetite for low-yielding currencies. USD/JPY shot up by 76 pips to 82.82, while GBP/JPY also closed at 131.81 after hitting an intraday low of 130.78. Read more…

Canadian Dollar (CAD)

The Loonie was actually one of the most resilient currencies yesterday as it was able to hold its ground against the Greenback’s advances. Even with the Fed softening its stimulus stance, USD/CAD was able to end the day at .9903, virtually unchanged from its opening price. Read more…

Australian Dollar (AUD)

Oh, that’s gotta hurt! The Aussie was hit hard by a combo of weak Australian data and strong U.S. fundamentals yesterday. AUD/USD was dragged from its intraday high of 1.0466 all the way to its 1.0330 closing price. Read more…

New Zealand Dollar (NZD)

NZD/USD had been trading within a tight range for the most part of the day, but when the FOMC meeting minutes came out, the pair suddenly dropped like a rock. Read more…

Swiss Franc (CHF)

The Swissy was unable to hold its ground yesterday as dollar strength consumed the market. USD/CHF, which began the day at .9033, found itself at .9099 by the end of the U.S. trading session. 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!