Daily Forex Fundamentals – March 1, 2012

What’s on the Economic Horizon

U.S. Weekly Jobless Claims and ISM Manufacturing PMI on Deck
Will U.K.’s Manufacturing PMI Fall to 51.9?
Canadian Current Account Deficit Expected to Decline

U.S. Dollar (USD)

Thank you good data! The better-than-expected results on U.S. economic reports proved to be very beneficial for the dollar yesterday. It helped the currency rally across the board, which resulted in the U.S. dollar index closing the day with a 1% gain. Read more…

Euro (EUR)

Geronimooo!!! After days of speculation, euro traders finally got the price action that they’ve been waiting for. Unfortunately, the euro train headed south against the dollar and the pound! EUR/USD fell sharply to 1.3325 its closing price, while EUR/GBP also suffered a 96-pip blow at .8373. What gives? Read more…

British Pound (GBP)

Guess who got lucky on leap day? The pound! While other higher-yielding currencies fell victim to risk aversion, the pound was able to remain resilient and ended the day with a 12-pip gain against the dollar. I know that’s not much, but hey, a win is a win! Read more…

Japanese Yen (JPY)

The surprisingly positive data from the U.S. turned to be extremely negative for the yen yesterday. The currency was smashed by the safe haven dollar. USD/JPY ended the day at 81.29, which was 82 pips higher from its opening price during the Asian trading session. Read more…

Canadian Dollar (CAD)

The Loonie avoided the comdoll bandwagon yesterday as it went up against the Greenback just when the other commodity-related currencies were weakening. USD/CAD even reached an intraday low of .9845 before capping the day at .9895. Read more…

Australian Dollar (AUD)

Not today, bulls! After hibernating for what seemed like an eternity, the Aussie bears finally came out of their caves yesterday. AUD/USD was sold-off heavily late in the U.S. trading session, which resulted in a 44-pip defeat. Read more…

New Zealand Dollar (NZD)

The Kiwi just had one of THOSE days… days when good data just ain’t enough. Despite better-than-expected reports, NZD/USD dropped from its intraday high of .8472 and closed the day 32 pips below its opening price at .8343. Read more…

Swiss Franc (CHF)

Aha! The .8950 proved to be too much for the Swiss franc to handle. USD/CHF bounced off from the support level and ended yesterday’s trading 97 pips above its opening price at .9048. 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!