Daily Forex Fundamentals – February 28, 2013

What’s on the Economic Horizon

U.S. Preliminary GDP Report on Tap
Euro zone CPI Seen at 1.5%

U.S. Dollar (USD)

Could this be the return of risk sentiment dominating the market place? Thanks to some positive economic data, we saw market playas move their moolah out of the Greenback and into higher yielding currencies. As a result, the dollar found itself on the losing end against the euro, pound, and the comdolls. Read more…

Euro (EUR)

Easy does it! The euro finished the day higher against most of its counterparts yesterday, rising at a steady pace. EUR/USD was up at 1.3139 by the New York session close from its opening price of 1.3055. While EUR/JPY was 113 pips higher at 121.17. Read more…

British Pound (GBP)

The proverbial Hump Day turned out to be a very boring one for GBP/USD. The pair lacked direction the entire day, and simply moved within a relatively tight horizontal channel. It began the day at 1.5130, fell to an intraday low of 1.5080, rose to 1.5189, and then closed the day barely changed at 1.5151. Read more…

Japanese Yen (JPY)

So much for extending the winning streak! The yen couldn’t make it back-to-back-to-back wins, as it lost out against its major counterparts in yesterday’s trading matches. Read more…

Canadian Dollar (CAD)

Aha! Despite the lack of economic reports, the Loonie was still able to finish the day with a win against the dollar. USD/CAD closed lower at 1.0233 from its opening price of 1.0263. Where have all the Loonie bears gone? Read more…

Australian Dollar (AUD)

After a rough start in the morning, the Aussie came roaring back late, eventually posting a net gain for the day. AUD/USD hit an intraday low at 1.0183 but eventually finished at 1.0245, up 12 pips from its opening price. The question is, can the Aussie repeat its escape act? Read more…

New Zealand Dollar (NZD)

If I were to sum up NZD/USD’s price action yesterday in one word, that word would be “directionless.” Due to the absence of market-moving economic reports, the pair simply traded in a very tight 40-pip range and closed the day barely change from its opening price. It ended the New York trading session at .8283, a mere 29 pips higher from where it was during the opening of the Asian session. Read more…

Swiss Franc (CHF)

Up and down USD/CHF had gone, but when the day was over, the pair ended up where it had begun! The pair, which had started the day at .9321, closed the U.S. trading session barely changed at .9313. 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!