Daily Forex Fundamentals – February 6, 2013

What’s on the Economic Horizon

Australia’s retail sales missed expectations
Germany’s factory orders on deck
Canada’s IVEY PMI seen to print higher than previous figure

U.S. Dollar (USD)

With currencies moving according to country-specific factors, it’s no surprise that the dollar’s price action was as mixed as a bag of nuts. The Greenback posted gains against the yen and the pound but lost to the euro and the Loonie. Read more…

Euro (EUR)

To say that the euro had a good day yesterday would be an understatement. Heck, the euro had one heck of an AWESOME day! It pared half of its losses from Monday against the dollar when EUR/USD closed higher at 1.3584 from 1.3519. But eh, next to its wins against the yen and the pound, the 65-pip rise in EUR/USD look like chump change! Read more…

British Pound (GBP)

Bring on the pain! Despite positive economic data, Cable took a major hit in yesterday’s trading session. The pair, which had started off at 1.5764, ended the day with a huge 102-pip loss at 1.5662. Read more…

Japanese Yen (JPY)

ShirakaWHOA!!! Thanks to an announcement by the BOJ’s Shirakawa yesterday, the yen continued its slide against its counterparts. USD/JPY popped up by another 101 pips while EUR/JPY enjoyed a nice 205-pip rally. Read more…

Canadian Dollar (CAD)

Ka-pow! Take that, dollar! The Loonie managed to finish the day in positive territory thanks to the pick up in risk appetite. USD/CAD closed lower at .9958 from its opening price of .9980. Boo yeah!Read more…

Australian Dollar (AUD)

No thanks to the RBA’s dovish rate statement, the Aussie missed the risk appetite rally yesterday and lost against the Greenback. AUD/USD only made it to a high of 1.0458 before it 19 pips lower than its open price. Read more…

New Zealand Dollar (NZD)

Well, well, well, what do we have here? It looks like the Kiwi was able to recover its losses from Monday! NZD/USD closed the U.S. trading session at .8461 yesterday, a decent 27 pips higher than its opening price. Read more…

Swiss Franc (CHF)

Despite USD/CHF’s up and down price action yesterday, the pair still ended up pretty much where it began. USD/CHF began the day at .9083, fell to .9073, surged as high as .9118, and then closed the day barely changed at .9082. 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!