Daily Forex Fundamentals – February 21, 2013

What’s on the Economic Horizon?

GBP Drops to Record Lows
Euro Zone PMIs Scheduled Today
U.S. Manufacturing, Home Sales, and Inflation Numbers On Tap

U.S. Dollar (USD)

What a comeback! The dollar reminded the markets who’s boss yesterday as it dominated the charts and came out on top of the pip hill. At the end of the day, it had gained 104 pips against the euro, 180 pips against the pound, and 40 pips against the yen. Read more…

Euro (EUR)

Geronimooo! The euro plunged on the charts faster than a Britney Spears’ hit. EUR/USD closed below the 1.3300 handle yesterday, closing with a 103-pip loss. Meanwhile, EUR/JPY was down at 124.28 from its open price of 125.29 by the end of the New York session. Read more…

British Pound (GBP)

The pound posted another HUGE loss against the dollar as GBP/USD came crashing down to 1.5245 to post a 180-pip drop. Will traders ever get tired of selling the pound?? Read more…

Japanese Yen (JPY)

The yen’s price action yesterday was a mixed bag. While it was able to gain versus both the euro and the pound, it lost against the safe haven dollar. The yen’s final score card was as follows: -45 pips versus the euro, -108 pips against the pound, and +18 pips versus the dollar. Read more…

Canadian Dollar (CAD)

The Loonie was no match to the dollar in yesterday’s trading. But it wasn’t any surprise. Heck, a less-dovish-than-expected FOMC meeting minutes, what did you expect? USD/CAD finished the day higher at 1.0169 from 10.0164. Read more…

Australian Dollar (AUD)

Talk about a wipeout! Just when we all thought the Aussie was on its way up to the charts, the demand for the dollar surged! AUD/USD finished the day lower at 1.0256 after opening at 1.0354. Read more…

New Zealand Dollar (NZD)

Talk about a one-way street! Sellers were in complete control of NZD/USD as RBNZ Governor Wheeler’s speech set the tone for Kiwi trading early in the day. It led to huge losses for the comdoll, which finished 141 lower against the Greenback. Read more…

Swiss Franc (CHF)

You win some, you lose some! The Swissy learned that lesson the hard way as it gained 30 pips against the euro but lost 50 pips to the dollar. Which way will it go today? 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!