Daily Forex Fundamentals – February 26, 2013

What’s on the Economic Horizon?

Fed Chairman Bernanke To Testify Today
Berlusconi Making A Comeback?
BOE Inflation Report Hearings Start At 10:00 am GMT

U.S. Dollar (USD)

Although it scored losses against the yen and the pound, I think you can still say that the dollar had a good day. After all, EUR/USD managed to closed below the 1.3100 handle for the first time in 7 weeks. The dollar also scored wins against all the comdolls. Read more…

Euro (EUR)

Oh, the pain! The euro was subjected to an intense beating in yesterday’s trading session as the latest results of the Italian elections showed that there is a high possibility that we’ll see a hung parliament. EUR/USD is now sitting at 1.3079, 150 pips lower from its week open price. Read more…

British Pound (GBP)

After gapping lower to start the week, GBP/USD managed to gain some steam and partially close the gap. The pair finished 95 pips higher to end the day at 1.5188, leaving it around 50 pips below last week’s close. Read more…

Japanese Yen (JPY)

Guess who flexed its muscles yesterday? The yen did. Its safe haven reputation was highlighted following the initial poll results of the Italian elections. USD/JPY closed at 92.58 after opening at 94.71. It dropped even further to 90.92 early in today’s Tokyo session! Read more…

Canadian Dollar (CAD)

Due to the political risks associated with the Italian elections, risk aversion was once again in vogue yesterday. As a result, the Canadian dollar, like most major currencies, gave up a lot of ground to the safe haven U.S. dollar and the low-yielding yen. USD/CAD, for instance, ended the day at 1.0265, 41 pips higher from where it was during the Asian trading session. Read more…

Australian Dollar (AUD)

The lack of economic reports from Australia made the Aussie vulnerable to market sentiment. Unfortunately for the comdoll, it was hit by a double whammy of bad news. AUD/USD finished the day with a 29-pip loss at 1.0283. Read more…

New Zealand Dollar (NZD)

Amazing how everything can change in the blink of an eye! After it looked as if the Kiwi was going to soar to new highs, NZD/USD came crashing down near the end of the New York session, eventually closing at .8368, up just 4 pips for the day and down 50 pips from its highs for the day. Read more…

Swiss Franc (CHF)

With a sudden surge of risk aversion hitting the markets, the franc followed the euro’s lead, as it took a hit versus the Greenback. After hitting an intraday low at .9231, USD/CHF eventually ended the day at .9306, up 21 pips from 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!