Daily Forex Fundamentals – February 29, 2012

What’s on the Economic Horizon

U.S. Preliminary GDP Figures On Tap
ECB to Conduct LTRO Operations
AUD Retail Sales Grow 0.3%
KOF Economic Barometer Due Today

U.S. Dollar (USD)

Rough day for the scrilla, as it found itself at the bottom of the dog pile yesterday. The dollar lost against most of its major counterparts, as EUR/USD, GBP/USD, and AUD/USD all posted decent gains. With the month coming to an end, will the dollar show its might or will it sink to further lows? Read more…

Euro (EUR)

The euro was trading higher during the early part of the day, trading past 1.3450 against the dollar. Then all of a sudden, EUR/USD plunged like the neckline of J. Lo’s Oscars gown back down to its Asian session low of 1.3389. Good thing euro regained its composure and rallied to end the day 67 pips above its opening price at 1.3464. Read more…

British Pound (GBP)

Thanks to the European Central Bank (ECB)’s refinancing operation prospects, the GBP/USD was able to stage a spectacular rally yesterday. The pair closed the day at 1.5897, a solid 78 pips higher from its opening price during the Asian trading session. Read more…

Japanese Yen (JPY)

With risk appetite holding strongly yesterday, the yen took a small hit against its European counterparts. EUR/JPY rose 42 pips to finish at 108.35, while GBP/JPY erased its losses from Monday to end at 1.5897, up 79 pips on the day. Read more…

Canadian Dollar (CAD)

Slow and easy was the way of the Loonie to victory yesterday. USD/CAD trickled lower after opening at .9991, ending the day with a 37-pip win for the commodity currency at .9954. Read more…

Australian Dollar (AUD)

Relatively quiet day from the Aussie, as it pretty much traded within its average true range. AUD/USD topped out at 1.0788 and eventually closed at 1.0771, up 17 pips from its opening price on the day. Read more…

New Zealand Dollar (NZD)

Due to the absence of market-moving events, NZD/USD found itself trading in a very tight range yesterday. It simply moved within a relatively tight 60-pip horizontal channel and closed the day barely changed 18 pips lower. Read more…

Swiss Franc (CHF)

It looks like the prospect of another long-term refinancing operation (LTRO) from the ECB is proving to be very beneficial for European-based currencies. Yesterday, for instance, the Swissy was able to steal some pips from the safe haven Greenback and close the day with a respectable 46-pip win. Read more…

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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!