Daily Forex Fundamentals – February 16, 2012

What’s on the Economic Horizon

Australia’s job figures much stronger than expected
Philly Fed manufacturing index expected to rise from 7.3 to 9 in February.
ECB monthly bulletin on tap

U.S. Dollar (USD)

When risk aversion flows firmly supporting the low-yielding dollar, who needs to see U.S. economic reports? Concerns on a possible Greece default dragged EUR/USD 125 pips from its 1.3192 intraday high, while USD/CHF also jumped by 29 pips to .9233. Read more…

Euro (EUR)

Knocked o-ver! Just when the euro thought that a victory was in sight, it got quite a beating from its major counterparts. EUR/USD opened at 1.3067, reached a high of 1.3192, before plummeting to a low of 1.3044. EUR/JPY also ended the day in the red as it closed 50 pips down from its 102.90 open price. Read more…

British Pound (GBP)

The pound muscled through weak U.K. employment data to bag some pips against its two main counterparts. While GBP/USD crept up 14 pips to 1.5699, EUR/GBP recorded a 42-pip loss on the day as it closed at .8323 after testing the .8400 handle. You can’t keep a good pound down! Read more…

Japanese Yen (JPY)

Except against the euro, the yen barely moved against its major counterparts yesterday despite the onslaught of risk aversion in markets. EUR/JPY ended up falling by 51 pips to 102.40, while USD/JPY only inched 7 pips lower at 78.37. Read more…

Canadian Dollar (CAD)

Rally and reverse! The Loonie was off to a good start as risk appetite surged during the Asian session. However, the commodity currency quickly erased its gains during the London and U.S. session as risk aversion returned. USD/CAD opened at .9995, dipped to a low of .9938, then closed at .9992. Read more…

Australian Dollar (AUD)

Nice try, Aussie bulls! Thanks to positive economic data, the AUD/USD posted gains early yesterday. Unfortunately, risk aversion on a possible Greek default weighed on the pair, dragging it from its 1.0777 intraday high to its 1.0694 closing price. Read more…

New Zealand Dollar (NZD)

The Kiwi took traders on a rollercoaster ride yesterday, as it swung high in the Tokyo session, only to erase most of its gains in the second half of the day. After reaching an intraday high of .8423, NZD/USD slipped to .8337, marking an 18-pip gain on the day. Read more…

Swiss Franc (CHF)

Another day, same results! The Swiss franc recorded small gains against the euro as EUR/CHF continued its gentle slide down the charts and shed 11 pips to end at 1.2065. Meanwhile, it lost 29 pips against the dollar as USD/CHF climbed to .9233. Read more…

Batman and Robin, 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!