Daily Forex Fundamentals – February 4, 2013

What’s on the Economic Horizon

Spanish Unemployment Data on Tap
U.S. Unemployment Rate Ticks Higher
U.K. Construction PMI Due Today

U.S. Dollar (USD)

What a wacky NFP Friday for the Greenback! The dollar took a beating versus the euro, but managed to edge to new highs versus the pound and yen. Will we see more of the same for the month of February? Read more…

Euro (EUR)

Just look at the euro go! On Friday, the shared currency extended its winning streak against the dollar to a TENTH day. EUR/USD closed with an 88-pip gain at its 14-month high at 1.3663. Meanwhile, EUR/JPY finished the day 264 pips higher from its opening price at 126.70. Read more…

British Pound (GBP)

It was, to say the least, a very busy week for GBP/USD. The forex calendar was filled with high-profile events, which led to a wild rollercoaster-like price action for GBP/USD. GBP/USD began the week at 1.5766, went as high as 1.5880, and then closed at 1.5718. Read more…

Japanese Yen (JPY)

Talk about having a bad week! Once again, the yen founds itself in the gutter, as traders continued to dump it in favor of higher yielding currencies. Both USD/JPY and EUR/JPY broke out to new highs, which only makes me wonder, how much longer can this selling continue? Read more…

Canadian Dollar (CAD)

Way to rock it, Loonie! The comdoll was off to a bad start on Friday as USD/CAD traded higher all throughout the Tokyo and London sessions, hitting a high at 1.0005. But all of a sudden, the Loonie rallied and finished the day with a 4-pip win at .9971. Read more…

Australian Dollar (AUD)

The Aussie struggled at the end of the week, as Greenback strength and poor Chinese data weighed on AUD/USD. By the end of the day, the pair was trading just a shade above the 1.0400 handle, down about 20 pips from its opening price. Read more…

New Zealand Dollar (NZD)

“V” for victory! NZD/USD climbed higher last Friday after the U.S. non-farm payrolls had published mixed results. NZD/USD, which had started off the day at .8394, ended the U.S. trading session and the week at .8452. Read more…

Swiss Franc (CHF)

Due to the number of economic reports released, USD/CHF experienced a very wild ride last Friday. The pair began the day in consolidation mode and moved within a very tight horizontal channel. When the London session opened, USD/CHF burst into life and broke out lower. Then, during the New York session, the mixed U.S. employment led to a rally in the pair. By the end of the day, the pair was sitting at .9077, just 20 pips lower 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!