Daily Forex Fundamentals – February 5, 2013

What’s on the Economic Horizon

ISM Non-Manufacturing PMI to Set the Trading Tone During the U.S. Session?
U.K. Services PMI Projected to Rise to 49.8 from 48.9
RBA Widely Expected to Hold Rates at 3.00%

U.S. Dollar (USD)

“Enough is enough!” After eleven consecutive days of selling off versus the euro, the safe haven dollar finally pick itself up from its slump and post a winning day versus the euro. EUR/USD ended the day at 1.3519 yesterday, a whopping 123 pips lower from its opening price during the Tokyo session. Read more…

Euro (EUR)

Are the good days over for the euro bulls? Yesterday the euro got sucker-punched by its counterparts as concerns in the region resurfaced. EUR/USD dropped by 123 pips while EUR/GBP suffered a 117-pip blow. What the heck happened anyway? Read more…

British Pound (GBP)

The pound owned the charts like a boss! Despite negative U.K. data, GBP/USD closed higher at 1.5759 after opening at 1.5693. Meanwhile, against the yen, the pound finished with a 2-pip gain at 145.61. Read more…

Japanese Yen (JPY)

Nothing lasts forever, so make sure you know when to call it quits. After three straight days of gains, USD/JPY finally staged a correction and stayed below the 93.00 handle. The pair, which began the day at 92.67, found itself sitting at 92.39 by the end of the New York session. Read more…

Canadian Dollar (CAD)

Not today, boys! The Loonie failed to get support from the bulls yesterday as risk aversion weighed on the high-yielding currencies. USD/CAD tipped to an intraday high of .9994 before it capped the day 12 pips higher than its open price. Read more…

Australian Dollar (AUD)

If I were to sum up AUD/USD’s price action yesterday in one word, that word would be “ranging.” AUD/USD, after it had opened the day at 1.0423, moved within a very tight 35-pip horizontal channel yesterday. It found resistance at 1.0444 and support just above the 1.0400 handle at 1.0409. Read more…

New Zealand Dollar (NZD)

The Kiwi didn’t catch any air on the charts yesterday. Without any economic data from New Zealand, the Kiwi crashed to the bear lair, finishing the day 30 pips below its opening price at .8430. Read more…

Swiss Franc (CHF)

After a wild ride last Friday, it would seem like the Swiss franc already ran out of fuel in yesterday’s trading. USD/CHF still finished the day lower at .9081, but the franc only scored a 5-pip win. 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!