Daily Forex Fundamentals – January 23, 2012

What’s on the Economic Horizon

Australia’s PPI prints at 0.3% for 4Q 2011
Euro zone consumer consumer confidence report on tap
Canada leading index due today

U.S. Dollar (USD)

The dollar’s price action was as mixed as a bag of beans last Friday as traders remained cautious on what the euro zone officials are planning for the days ahead. GBP/USD climbed by another 75 pips to 1.5568, but USD/JPY slipped to 76.97 while EUR/USD also dropped by 33 pips to 1.2934. Read more…

Euro (EUR)

The euro ended its 4-day winning streak last Friday as traders closed out for the weekend. EUR/USD ended the U.S. trading session 1.2934, 34 pips lower from the beginning of the day. Read more…

British Pound (GBP)

The pound was too fly in Friday’s trading to be depressed by concerns about the euro zone. GBP/USD extended its upward rally, ending the week at 1.5568, 75 pips above its opening price for Friday. Read more…

Japanese Yen (JPY)

Yen strength is back in Vogue! Okay, maybe not exactly, but with the USD/JPY gaining 17 pips and EUR/JPY falling by 46 pips, it’s almost the same thing, right? Last Friday the yen lost against the comdolls, but strengthened against its other counterparts on mixed market sentiment. Read more…

Canadian Dollar (CAD)

The Loonie found itself sitting on the weaker side of the fence as the trading week closed last Friday. USD/CAD was unable to find a break below 1.0100 and closed the day 28 pips higher from its opening price that day. Read more…

Australian Dollar (AUD)

Surf’s up, Aussie bulls! Thanks to strong Australian data and a bit of risk appetite in markets, AUD/USD blasted above its intraweek resistance at 1.0450 and capped the week at 1.0485. Awesome! Read more…

New Zealand Dollar (NZD)

No data? No problem! Despite the lack of economic reports from New Zealand, the Kiwi still managed to end the week with a 34-pip win against the dollar for Friday as NZD/USD ended the week at .8062. Read more…

Swiss Franc (CHF)

Just when everyone thought that the franc would sweep last week’s trading with a 5-day winning streak against the dollar, USD/CHF got rejected at support just above .9300. By the end of Friday’s trading, the pair was 22 pips above its opening price at .9344. Bummer! Read more…

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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!