Daily Forex Fundamentals – January 3, 2012

What’s on the Economic Horizon
FOMC Meeting Minutes on the Clock
U.K. Manufacturing PMI on Tap
German Unemployment Figures Due Today

U.S. Dollar (USD)

With traders still partyin’ likes its 2012, consolidation reigned over the markets as expected. EUR/USD traded within a tight range of just 50 pips, while GBP/USD trading was choppy and eventually closed at 1.5501, just 3 pips below its opening price for the day. Read more…

Euro (EUR)

Talk about starting the year on the wrong foot! The euro incurred losses against its major counterparts on the first trading day of 2012. EUR/USD was down 15 pips, meanwhile, EUR/JPY hit its 10-year low at 99.36 before ending the day 22 pips below its opening price at 99.40. Read more…

British Pound (GBP)

Trading was very thin yesterday as many markets remained closed. As a result, the pound moved little on the day, slipping just 3 pips down against the dollar to bring GBP/USD to 1.5501. Yeah, it ain’t exactly the best way to start the year, but today seems very promising for the pound! Read more…

Japanese Yen (JPY)

Not much action on the yen pairs yesterday, as they basically chilled at recent lows. GBP/JPY tested the 119.00 handle but eventually closed at 119.19, down just 13 pips on the day. Meanwhile, EUR/JPY took another hit, as it closed at 99.40, marking a 20-pip loss. Read more…

Canadian Dollar (CAD)

All throughout yesterday’s trading, USD/CAD was just chillin’ like a villain at the 1.0200 handle due to the absence of economic data. Luckily, the Loonie was able to hustle some muscle before the day’s close, ending it with a 17-pip win at 1.0194. Read more…

Australian Dollar (AUD)

Trading the Aussie was like going on a surf trip and having no waves – boring! AUD/USD stuck within a tight range of just 40 pips and eventually closed at 1.0231, up just 8 pips from its opening price. Read more…

New Zealand Dollar (NZD)

Like its comdoll brothers, the New Zealand dollar was able to steal a few pips away from the Greenback to start the year. Though many markets were still closed yesterday, NZD/USD managed to crawl up 14 pips to end at .7784. Will it continue to climb today? Read more…

Swiss Franc (CHF)

First day of the year = first loss of the year! Though it didn’t really see much action, the Swiss franc edged lower against its two major counterparts. After falling to as low as .9353, USD/CHF rallied to end the day 14 pips higher at .9403. Meanwhile, EUR/CHF inched 6 pips up to 1.2156. 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!