Daily Forex Fundamentals – March 16, 2012

What’s on the Economic Horizon
U.S CPI to show 0.4% uptick for Feb?
Canadian manufacturing sales report on tap

U.S. Dollar (USD)

The Greenback just couldn’t keep up its winning streak yesterday as it returned most of its recent gains to its major counterparts. EUR/USD managed to close nearly 50 pips up from its 1.3033 open price while GBP/USD landed 11 pips above the 1.5700 handle. Will the Greenback continue its slide until the end of the week? Read more…

Euro (EUR)

Don’t look now, but the euro finally snapped its string of losses against its counterparts! EUR/USD found support at the 1.3000 area and ended the day at 1.3080, while EUR/JPY also recovered from its 108.59 intraday low and closed at 109.32. Booyah! Read more…

British Pound (GBP)

Bring it on, Fitch! The renowned credit rating agency finally stripped the U.K. of its pristine AAA rating. However, despite that, the pound still was still able to stand its ground against the dollar on the charts. GBP/USD ended yesterday’s trading 36 pips above its opening price at 1.5711. Read more…

Japanese Yen (JPY)

And its losing streak continues! The Japanese yen gave way to its major counterparts as it lost ground to the higher-yielding currencies for yet another day. Against the safe-haven Greenback, however, the yen managed to sneak in a gain as USD/JPY closed 16 pips down from its 83.73 open price. Read more…

Canadian Dollar (CAD)

The Loonie might not have lost so much against the dollar early this week, but it hasn’t made leaps and bounds against it either. USD/CAD only dropped to an intraday low of .9906 before it finished the day with an 8-pip slip to .9919. Read more…

Australian Dollar (AUD)

The Aussie got back up on its feet yesterday as it recovered some of its recent losses against the Greenback. AUD/USD closed 72 pips up from its 1.0453 open price, after spiking to a high of 1.0555. Meanwhile, AUD/JPY continued its ascent as it closed 4 pips shy of the 88.00 handle. Read more…

New Zealand Dollar (NZD)

The best thing about hitting rock-bottom is that there’s no other way to go but up. Just ask the Kiwi! After being Wednesday’s worst performer on the charts, the comdoll redeemed itself yesterday and gained the most pips against the dollar. NZD/USD ended the day’s trading with a 99-pip gain at .8192. Read more…

Swiss Franc (CHF)

The Swiss franc exuded swagger in yesterday’s trading like Mick Jagger. USD/CHF dropped from its opening price of .9307 to close the day at .9230. Meanwhile, the franc pared all of the losses it incurred against the euro on Wednesday when EUR/CHF ended yesterday’s trading 56 pips below its opening price at 1.2073. 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!