Daily Forex Fundamentals – January 28, 2013

What’s on the Economic Horizon
U.S. durable goods orders data due today
BOC Governor Carney to give more dovish remarks?
New Zealand trade deficit expected to narrow

U.S. Dollar (USD)

Once again, the dollar’s price action last Friday was as mixed as a bag of jellybeans. The Greenback finished the day higher against the yen and the comdolls but lower against the euro and the franc. What gives? Read more…

Euro (EUR)

Up, up, and away the euro goes! The shared currency skyrocketed on Friday’s trading as investors basked on good vibes from the euro zone. EUR/USD finished higher at 1.3465 after opening at 1.3373. It even tapped its 13-month high at .8537 before closing the day with a 68-pip win at .8522. Read more…

British Pound (GBP)

Now that’s resiliency! Despite the release of horrendous U.K. GDP figures, the pound was able to end the day higher against the dollar. GBP/USD closed right at the 1.5800 handle, 8 pips above its opening price. Can the pound continue to defy gravity this week? Read more…

Japanese Yen (JPY)

Wow, oh wow! The yen, just can’t catch a break! Thanks to more remarks from Japanese officials about the yen being too strong, USD/JPY rose past the 91.00 handle, before closing with a 103-pip loss for the yen. Meanwhile, EUR/JPY staged a 200-pip rally closing at 122.52. Read more…

Canadian Dollar (CAD)

Boo! Traders still didn’t go looney for the Loonie. USD/CAD continued to trade higher on Friday. The pair opened at 1.0031 and traded all the way up to 1.0080 to finish the week. Read more…

Australian Dollar (AUD)

Unfortunately for bulls, the Australian dollar continued to make its way lower last Friday. It suffered a bitter defeat to the safe haven U.S. dollar as it fell to 1.0413 from 1.0472. Read more…

New Zealand Dollar (NZD)

NZD/USD continued to retreat and recorded its second straight decline last Friday. The pair finished 18 pips lower on the day, and over the weekend, the selloff continued as NZD/USD gapped down another 17 pips. Is this the beginning of a new trend? Read more…

Swiss Franc (CHF)

The franc continued to have its way with the dollar as USD/CHF posted its fourth decline in five days. With help from an ugly U.S. report, the franc staged a late rally, forcing the pair to slip 21 pips and close at .9264. 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!