Daily Forex Fundamentals – December 6, 2012

What’s on the Economic Horizon
ECB Predicted to Keep Rates at 0.75%
BOE: No Change Expected on Monetary Policy
Canadian Ivey Purchasing Managers’ Index to Rise to 58.8 from 58.3

U.S. Dollar (USD)

For the first time in 6 days, the Greenback was able to post a winning day in the foreign exchange market. The U.S. dollar index that tracks the performance of the Greenback versus a basket of other major currencies jumped to 80.23 from 80.11. Read more…

Euro (EUR)

Party’s over, boys! After days of rallying against the dollar, EUR/USD finally showed weakness and capped the day 20 pips below its open price. What the heck dragged on the euro anyway? Read more…

British Pound (GBP)

Oh no! Resistance at the 1.6100 handle proved to be too much for the pound to handle once again. GBP/USD merely traded around the major psychological level before finishing yesterday’s trading 7 pips below its opening price at 1.6098. Read more…

Japanese Yen (JPY)

The Japanese yen suffered a major defeat in the foreign exchange market yesterday as gave up some ground against almost all major currencies. The yen fell 49 pips versus the dollar and the euro, and dropped 72 pips versus the pound. Read more…

Canadian Dollar (CAD)

Back-to-back, baby! With the BOC’s hawkish tone still ringing in the Loonie bulls’ ears, it was easy for the comdoll to chalk up another positive day against the Greenback. USD/CAD dropped by another 16 pips from its open price after reaching an intraday low at .9908. Booyah! Read more…

Australian Dollar (AUD)

No thanks to the weaker-than-expected Australian GDP report, AUD/USD turned lower yesterday. The pair suffered a minor defeat as it fell to 1.0461 from its opening price at 1.0473. Read more…

New Zealand Dollar (NZD)

The Kiwi is definitely not flightless! NZD/USD traded higher in yesterday’s trading, finishing the day with a 13-pip win, ahead of the RBNZ’s rate decision. Then, shortly after the central bank’s relatively upbeat statement, the pair rose to its 4-week high above .8300! Read more…

Swiss Franc (CHF)

The franc sure put up a good fight! It managed to pare some of its losses against the dollar after USD/CHF tapped an intraday high at .9301. Sadly though, its efforts weren’t enough to finish with a win. The pair then traded lower but closed the day 2 pips above its opening price at .9262. 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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