Daily Forex Fundamentals – December 23, 2011

What’s on the Economic Horizon

PCE Index and Existing Home Sales Due Today
Monthly CAD GDP Figures on Tap

U.S. Dollar (USD)

What a comeback by Uncle Sam! What looked like a surefire loss turned out to be not-so-bad, as the greenback was able to buck its earlier losses. After hitting a high at 1.3120, EUR/USD came crashing back down to finish at 1.3050, just 3 pips higher than its opening price. Meanwhile, GBP/USD backed off the 1.5700 handle to close at 1.5677, right smack at its opening price. Read more…

Euro (EUR)

Unlike the movie trailer of The Hobbit, it looks like the ECB’s funding operation has left investors very little to be excited about. It was apparent in yesterday’s trading when EUR/USD topped at 1.3120 before tumbling down and closing the day 3 pips below its opening price at 1.3047. Read more…

British Pound (GBP)

After posting back-to-back wins against the dollar, the pound decided to take a chill pill, causing GBP/USD to end the day unchanged at 1.5677. Meanwhile, it posted its fifth straight victory against the yen as GBP/JPY crawled 13 pips higher to 122.54. Read more…

Japanese Yen (JPY)

Make that three in a row! For the third consecutive day, the yen posted losses versus the euro and the pound. EUR/JPY rose 13 pips to finish at 102.01, while GBP/JPY closed at 122.54, also up 13 pips from its opening price. Read more…

Canadian Dollar (CAD)

It looks like Loonie bulls will indeed have a merry Christmas this year. That is, if risk appetite lingers! Yesterday, the Loonie closed with a 49-pip win against the dollar at 1.0211 thanks to the positive vibes brought about by better-than-expected U.S. data. Read more…

Australian Dollar (AUD)

The Aussie bulls went to work early and it looks like it paid off, as they were able to sustain their gains throughout the day. AUD/USD closed 38 pips higher at 1.0130, marking the third day in a row that the Aussie finished higher. Read more…

New Zealand Dollar (NZD)

Up goes the Kiwi! After taking a break on Wednesday, the comdoll resumed its rally to snatch 32 pips away from the Greenback. As a result, NZD/USD closed at .7722 to record its fourth climb in six days. Awesome! Read more…

Swiss Franc (CHF)

Boy, was the Swissy hard to trade yesterday or what?! Save for a few spikes here and there, it traded relatively flatly and ended almost unchanged against its major counterparts. USD/CHF formed a perfect doji as it inched 1 pip higher to .9358, while EUR/CHF crawled 6 pips higher to 1.2214. 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!

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