Daily Forex Fundamentals – February 24, 2012

What’s on the Economic Horizon

U.S. New Home Sales Expected to Rise to 316K
Revision on U.K.’s 4Q GDP for 2011 on Deck

U.S. Dollar (USD)

The safe haven U.S. dollar index found itself on the losing side of the fence yesterday as various positive news reports from all over the globe came out. The U.S. dollar index which tracks the performance of the currency against a basket of major currencies fell to 79.08, 61 basis points lower from its opening level. Read more…

Euro (EUR)

Up, up, here we go! Despite the looming possibility of a Greek default, EUR/USD surged past the 1.3300 handle and closed at 1.3372 yesterday. EUR/JPY also had its share of gains as it rallied from its 106.35 open price to end 11 pips shy of the 107.00 handle. What’s keeping the euro up these days? Read more…

British Pound (GBP)

While the pound was able to score a 65-pip win against the dollar when GBP/USD closed at 1.5733, it gave up 46 pips to the euro as EUR/GBP ended the day at .8499. From what I’ve heard, it was another case of “loose lips, sink pips.” Read more…

Japanese Yen (JPY)

When will the bleeding end? For the sixth straight day, the yen found itself giving up a lot of ground against the euro. EUR/JPY closed the U.S. trading session at 106.89, 54 pips higher from its opening price during the Asian trading session. Read more…

Canadian Dollar (CAD)

It ends at three! The Loonie managed to end its losing streak against the U.S. dollar yesterday as USD/CAD topped at 1.0011 and slid down to close at .9976. Was that merely a retracement or will the Canadian dollar be able to hold on to its recent gains? Read more…

Australian Dollar (AUD)

Thanks to the overall optimism of the market from better-than-expected economic reports yesterday, the Aussie was finally able to cut its 3-day losing streak to an end and mark a winning day. AUD/USD closed the U.S. trading session 1.0703, a respectable 68 pips higher from its opening price that day. Read more…

New Zealand Dollar (NZD)

And the Kiwi soars! After scoring back-to-back losses against the dollar earlier on in the week, the comdoll finally found enough fuel to rally yesterday. NZD/USD closed the day with a 57-pip win at .8347. Read more…

Swiss Franc (CHF)

The Swiss franc traded on the charts with swagger like Mick Jagger yesterday. USD/CHF dropped to .9016 to end the day after opening at .9105. Meanwhile, EUR/CHF tapped its two-week low at 1.2045 before ending the day at 1.2056. 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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