Daily Forex Fundamentals – January 7, 2013

What’s on the Economic Horizon

U.S. NFP report top forecasts
Canada’s Ivey PMI eyed at 51.3
Australian trade balance report on tap

U.S. Dollar (USD)

The dollar’s performance was as mixed as a bag of M&M’s on Friday. While it finished the day higher against the pound, Aussie, and the yen (heck, USD/JPY tapped its 2-year high!), it scored losses against the euro, franc, Kiwi, and Loonie. Read more…

Euro (EUR)

Phew, that was close one! After its terrible performance the day before, EUR/USD managed to stay afloat last Friday. The pair began the day at 1.3062, fell to 1.2998 during the day, and then closed the 10 pips higher at 1.3072. Read more…

British Pound (GBP)

Not quite how the pound bulls would have wanted to end the week! GBP/USD ended Friday on a sour note, falling 44 pips to finish at 1.6064. Is the 1.6100 barrier next for Lady Cable? Read more…

Japanese Yen (JPY)

The joke’s still on you, yen! The Asian currency extended its losses against most of its counterparts on Friday. USD/JPY rallied to its 2-year highs at 88.42 before closed the day with a 96-pip gain at 88.13. Meanwhile, EUR/JPY closed around its 17-month high at 115.21, up from its opening price of 113.86. Read more…

Canadian Dollar (CAD)

Ooohhhh, muscles! Thanks to a very positive Canadian employment report, the Loonie was able to fight toe-to-toe with the safe haven Greenback last Friday. USD/CAD began the day at .9873, rose to .9925, and then fell back down to .9870. Read more…

Australian Dollar (AUD)

The Aussie was the outcast among the comdolls in Friday’s trading. Unlike the Kiwi and the Loonie, the currency failed to end the day with a win against the dollar. It did manage to stage a stellar comeback though! AUD/USD hit a low at 1.0394 before rallying to its close at 1.0475, 2 pips below its opening price. Read more…

New Zealand Dollar (NZD)

Just like its comdoll siblings, the Kiwi was able to overcome overall dollar strength and end the week sitting in the winner’s table. After hitting a low at .8213, NZD/USD rallied higher to finish the day at .8310, 24 pips above its opening price. Read more…

Swiss Franc (CHF)

That .9300 handle held like a champ, baby! After briefly testing the .9300 mark, USD/CHF came crashing down to finish at .9250. Now that we’re seeing shooting star on the daily chart, could the pair be on the way back down? Read more…

Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.

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Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!