Daily Forex Fundamentals – December 20, 2012

What’s on the Economic Horizon

Existing Home Sales Data on Tap
Canadian Retail Sales Due Today
U.K. Retail Sales to Rock Markets

U.S. Dollar (USD)

Mixed results for the dollar, which found itself trading lower versus the euro but managed to eke out wins versus the yen and Australian dollar. With traders about to get ready for the holidays next week, what could be in store for us later today? Read more…

Euro (EUR)

The euro took advantage of U.S. dollar weakness yesterday as EUR/USD ended the day in the green yet again! EUR/USD opened at 1.3220 then closed 26 pips higher at 1.3246 while EUR/JPY reached a high of 112.50 before closing at 111.80. Read more…

British Pound (GBP)

For the fourth time this week, GBP/USD belonged to the bulls as it posted another green candlestick on the daily chart. But it’s starting to look like the bull run is running out of fuel — the market only finished 12 pips above its opening price of 1.6247 after climbing as high as 1.6308! Is it time for a major reversal? Read more…

Japanese Yen (JPY)

And the losing continues! Once again, the yen found itself as the biggest loser in the currency markets, as it lost out against its major counterparts. By the end of the day, USD/JPY was trading at 84.40, up 21 pips from its opening price. Read more…

Canadian Dollar (CAD)

Risk aversion popped its ugly head back in the markets yesterday and triggered a selloff among higher-yielding currencies, including the Loonie. USD/CAD opened at .9854 then closed at .9875 as the lack of progress in U.S. Fiscal Cliff talks dominated the news. Read more…

Australian Dollar (AUD)

Wiped out, baby! After chillin’ above the 1.0500 handle, AUD/USD bulls got blinded by a huge swell and soon found themselves swept back to shore! AUD/USD dropped 37 pips to finish the day at 1.0493. Read more…

New Zealand Dollar (NZD)

The rug was pulled out from underneath the Kiwi yesterday as NZD/USD came crashing down in light of risk aversion. And because of the recently released GDP report, so far, it ain’t showing signs of recovering! Will the Kiwi continue falling? Read more…

Swiss Franc (CHF)

USD/CHF continued to head into bear lair as it slipped another 17 pips to .9120. Meanwhile, EUR/CHF ended the day virtually unchanged at 1.2081 after rallying as high as 1.2103. Where will the markets take the Swissy today? Read more…

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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!