Daily Forex Fundamentals – January 31, 2013

What’s on the Economic Horizon
U.S. GDP report shows contraction in Q4
GBP extends gains on positive BOE data
RBNZ concerned about inflation?

U.S. Dollar (USD)

KA-POW! With negative data and a dovish FOMC, the dollar got beaten up by its European counterparts. Although it still managed to keep its ground against the commdolls and the yen, the euro, Swiss franc, and pound racked pips from it. What the heck happened?! Read more…

Euro (EUR)

The rally isn’t over until it’s over, folks. EUR/USD once again managed to stage a magnificent rally yesterday, skyrocketing to its highest level in almost a year. The pair rose to 1.3564 from its opening price at 1.3487. Read more…

British Pound (GBP)

The pound’s recovery continued yesterday, as it was able to make steady gains versus the dollar and yen. GBP/USD gained 32 pips to finish at 1.5791, while GBP/JPY tested the 144.00 barrier, marking a 100-pip rise on the day. Read more…

Japanese Yen (JPY)

The yen got kicked to the curb in yesterday’s trading AGAIN! After a couple days of wins against the dollar, the currency once again gave up ground when USD/JPY closed 50 pips higher at 91.21. Meanwhile, against the euro, the yen suffered a whopping 138-pip loss. Read more…

Canadian Dollar (CAD)

Thursday turned out to be a very choppy day for USD/CAD. USD/CAD started out the day trading in a horizontal channel, but once the U.S. trading session rolled along, the pair suddenly blew up. The pair opened the day at 1.0022, rose to 1.0050, fell to 1.0009, and then climb back up to close at 1.0017. Read more…

Australian Dollar (AUD)

Talk about a wipeout! The Aussie pared its gains from Wednesday when AUD/USD closed lower at 1.0412 after opening at 1.0464. Bummer, eh? Read more…

New Zealand Dollar (NZD)

So much for sustaining momentum! The Kiwi gave back all of its Tuesday’s gains, as it crawled down the charts yesterday. By the end of the New York session, NZD/USD was trading at .8319, down 58 pips from its opening price. Read more…

Swiss Franc (CHF)

That’s what you call hitting one out of the park! With the dollar striking out yesterday and the franc bulls bringing their A-game, USD/CHF dropped over 100 pips to finish the day trading at .9113. Now that the pair is approaching a major support level, could we be in for a reversal today? 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!