Daily Forex Fundamentals – February 3, 2012

What’s on the Economic Horizon

China’s services PMI prints at 52.9 vs. 56.0
U.S. NFP on tap at 1:30 pm GMT, expected to print at 145K

U.S. Dollar (USD)

The dollar’s price action was as mixed as a bag of beans yesterday as traders look forward to the big NFP numbers coming up in a few hours. EUR/USD ended the day with only a 7-pip fall to 1.1.3145, while USD/CHF closed with an 8-pip gain to .9168. Read more…

Euro (EUR)

Despite it being already the month of love, the euro didn’t get any lovin’ from traders in yesterday’s trading. EUR/USD failed to trade past the 1.3200 handle and dropped to an intraday low of 1.3085. The shared currency was able to pare some of its losses during the New York session but it still fell short of a win by 7 pips, closing at 1.3145. Read more…

British Pound (GBP)

GBP/USD found itself slightly lower yesterday, no thanks to the disappointing construction PMI figures. By the end of the U.S. trading session, GBP/USD sat at 1.5802, which was 26 pips lower from its opening price that day. Read more…

Japanese Yen (JPY)

Looks like the BOJ peeps aren’t as excited to intervene as many market geeks are expecting! We didn’t hear much jawboning from the BOJ yesterday, even when USD/JPY stayed near its record lows at 76.21, while EUR/JPY closed at 100.18. Read more…

Canadian Dollar (CAD)

Talk about a neck-and-neck fight! Bulls and bears played tug-o-pips on USD/CAD yesterday, with the pair just seesawing around its opening price of .9991. However, it was the dollar who came out on top by the end of the day’s trading as USD/CAD closed at .9996. Sorry Loonie! Read more…

Australian Dollar (AUD)

What bad economic data? Despite mixed economic reports from Australia, the Aussie bulls surfed the currency waves up and even pushed AUD/USD to the 1.0750 handle before pushing it to its 1.0706 closing price. Read more…

New Zealand Dollar (NZD)

With the non-farm payrolls just around the corner, NZD/USD was unable to pick a direction yesterday. The currency pair simply moved sideways and traded within a very tight 50-pip. NZD/USD ended the U.S. trading session at .8333, merely 14 pips higher from its opening price. Read more…

Swiss Franc (CHF)

What a bummer! It appears that the the threat of currency intervention, as well as the upcoming employment report from the U.S., kept the Swissy’s price action muted all day yesterday. EUR/CHF, for instance, closed the day at 1.2050, just 2 pips higher from its opening price during the Asian session. Read more…

Batman and Robin, 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!