Daily Forex Fundamentals – December 6, 2011

What’s on the Economic Horizon

BOC Widely Expected to Keep Rates Unchanged at 1.00%
German Factory Orders to Turn Positive?
The RBA Seen to Cut Rates By 25 Basis Points

U.S. Dollar (USD)

Talk about a topsy-turvy day! The dollar was off to a bad start during yesterday’s trading as EUR/USD rallied during beginning of the London session. However, at the wake of the New York session, the pair tumbled from its intraday high of 1.3487 and the dollar ended the day with a 42-pip win as the pair closed at 1.3395. Read more…

Euro (EUR)

Due to generally bad news from both euro zone and the U.S., EUR/USD was under the control of the bears yesterday. The pair closed the U.S. trading session at 1.3395, a 58-pip fall from its opening price that day. Read more…

British Pound (GBP)

It was a day of consolidation for the pound, as it basically stayed within its average true range versus the dollar and the yen. GBP/USD basically traded between the 1.5600 and 1.5700 handles before closing at 1.5647, up just 14 pips on the day. Meanwhile, GBP/JPY failed to make any new significant highs or lows and finish at 121.58, marking a 31-pip loss. Read more…

Japanese Yen (JPY)

Indeed, what a marvelous Monday it was for the yen. The Asian currency posted wins against most of its major counterparts, getting 27 pips from the dollar and 69 pips from the euro. Read more…

Canadian Dollar (CAD)

“V for Vendetta?” Despite the lack of high profile economic reports from Canada, USD/CAD still managed to exhibit quite a bit of volatility yesterday. The pair traded in a perfect “V” pattern, falling sharply during the European and U.S. session overlap and then climbed quickly once the U.S. afternoon session came to a close. USD/CAD closed the day at 1.0199, barely changed from its day open price at 1.0160. Read more…

Australian Dollar (AUD)

AUD/USD was still locked up like Lindsay Lohan in its range during yesterday’s trading. After testing support around 1.0200, the pair traded higher to peak just around the top of its consolidation at 1.0305 before ending the day 13 pips above its opening price at 1.0268. Read more…

New Zealand Dollar (NZD)

With no data being released, the Kiwi traded just like its namesake and remained flightless. NZD/USD is currently trading within a tight range of just 40 pips – what could break it out of its consolidation? Read more…

Swiss Franc (CHF)

After last week’s jam-packed action, trading on the Swissy was a lot more subdued to start this week. USD/CHF didn’t set off to make a new high or low and traded within a 70 pip range. By the end of the day, USD/CHF had closed at .9207, just 3 pips above its opening price. 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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