Daily Forex Fundamentals – March 20, 2013

What’s on the Economic Horizon

FOMC statement to dictate the USD?
Cyprus rejects levy
MPC meeting minutes and U.K. budget due today

U.S. Dollar (USD)

Like my homegirl Alicia Keys, the dollar was on fire in yesterday’s trading! Risk aversion sparked by concerns about Cyprus sent investors scurrying towards the dollar and the yen. EUR/USD finished lower at 1.2889 after opening at 1.2931. Meanwhile, AUD/USD closed with a 21-pip loss at 1.0371. Read more…

Euro (EUR)

The slip and slide continues! With Cyprus rejecting the deposit levy, traders were left with little choice but to dump the euro once again. The shared currency lost another 42 pips to the dollar, while giving back 64 pips to the yen. Read more…

British Pound (GBP)

For the third day in a row, GBP/USD stuck within range, as it ended up closing just 5 pips above its opening price at 1.5100. How long is this gonna continue?! Read more…

Japanese Yen (JPY)

Like peanut butter and jelly, there’s just no denying the chemistry between risk aversion and the yen in yesterday’s trading. The Asian currency finished higher against all of its counterparts as concerns surrounding Cyprus continued to mount. Read more…

Canadian Dollar (CAD)

With risk aversion dictating action in the markets, the Loonie stood no chance in its battle against the Greenback. Buyers dominated USD/CAD trading, pushing the pair up 49 pips to close at 1.0271. Read more…

Australian Dollar (AUD)

With risk aversion back in vogue, the Aussie was in for a wipeout in yesterday’s trading. AUD/USD traded lower after tapping an intraday high of 1.0406. By the New York session close, the pair had settled 21 pips below its opening price at 1.0371. Read more…

New Zealand Dollar (NZD)

With no major movers to spark volatility, NZD/USD trading was quite subdued. By the end of the day, the pair was trading virtually at its opening price, ending at .8243. Read more…

Swiss Franc (CHF)

With the markets in wait-and-see mode, USD/CHF stuck in consolidation mode, as it failed to make any new highs or lows. The pair eventually closed at .9474, up 12 pips from its opening price. 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!