Daily Forex Fundamentals – February 8, 2013

What’s on the Economic Horizon

Draghi drags down the euro
Mark Carney saves the pound
Canada’s employment and trade numbers due today

U.S. Dollar (USD)

What a coup for the Greenback! Thanks to relatively better-than-expected U.S. data and risk aversion across the markets, the dollar pared some of its intraweek losses against its counterparts. EUR/USD plunged by a whopping 121 pips while USD/CHF shot up by 83 pips. Booyah! Read more…

Euro (EUR)

What goes up must come down! EUR/USD learned this the hard way when it tumbled close to a hundred pips after the ECB monetary policy statement. What the heck did Draghi say this time? Read more…

British Pound (GBP)

It looks like the tides are finally turning for the pound! Thanks to incoming BOE Governor Mark Carney’s speech, the currency was able to post a second day of gains against the Greenback, taking GBP/USD up 56 pips to 1.5712. What did Carney have to say that was so bullish for the pound? Read more…

Japanese Yen (JPY)

With the euro region hogging the currency spotlight yesterday, it’s no surprise that the yen is back to performing with mixed results against its counterparts. USD/JPY ended up only 16 pips higher than its open price while EUR/JPY slid by 92 pips. What gives? Read more…

Canadian Dollar (CAD)

For almost an entire week, consolidation was the name of the game for the Loonie as USD/CAD kept moving sideways between the .9950 and .9980 levels. Will we see a breakout today? And which way can it go? Read more…

Australian Dollar (AUD)

The Aussie continued to slide down a steep, slippery slope yesterday as another economic report piled up to support a weak domestic economy. AUD/USD ended up closing 33 pips under its open price after reaching an intraday low at 1.0273. Read more…

New Zealand Dollar (NZD)

The ugly employment figures we saw pretty much set the tone for NZD/USD as it ended day at .8312 after sliding 114 pips down. Can it salvage a few pips before the weekend? Read more…

Swiss Franc (CHF)

The Swiss franc slacked off on the charts yesterday, allowing the dollar to take control of USD/CHF. Thanks to a late surge in the New York session, the pair ended 83 pips higher at .9179. 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!