Daily Forex Fundamentals – March 23, 2012

What’s on the Economic Horizon

U.S. New Home Sales on Deck
Canadian Core Inflation Rate Expected to Rise by 0.1%

U.S. Dollar (USD)

Thanks to the strong domestic data and weak reports elsewhere in the world, the Greenback managed to make its way higher against most major currencies yesterday. EUR/USD, for instance, closed the day with a small 15-pip loss. Read more…

Euro (EUR)

KABOOM! Yes, that was a cannon you heard, but no, it wasn’t due to the death of a tribute! Rather, it was the euro that got slaughtered in yesterday’s trading games! EUR/JPY dropped 123 pips to finish at 108.95, while EUR/USD fell to as low as 1.3134 before closing at 1.3201. Read more…

British Pound (GBP)

Traders dropped the pound like it’s hot following disappointing U.K. data yesterday. GBP/USD tumbled to an intraday low of 1.5771 after spiking up to its high of 1.5893. It then closed the day at 1.5816, 48 pips below its opening price. Read more…

Japanese Yen (JPY)

Because of the market’s aversion to risk, the yen was the only major currency that was able to stand up to the Greenback’s strength yesterday. USD/JPY fell all throughout yesterday’s trading session and closed at 82.54, its lowest level in 7 days. Read more…

Canadian Dollar (CAD)

Market sentiment finally turned the tide on the Canadian dollar, as USD/CAD soared to new highs yesterday. USD/CAD hit a high at 1.0009 before finally settling at .9994, up 72 pips from its opening price. Read more…

Australian Dollar (AUD)

For the third straight day, the Aussie found itself holding on to the shortest end of the stick. As a result of the market’s aversion to risk, the currency was sold off heavily against both the safe haven Greenback and the low-yielding yen. Read more…

New Zealand Dollar (NZD)

Thursday wasn’t a good day for the Kiwi. Following disappointing data from New Zealand, NZD/USD dropped from its opening price of .8157 and ended the day .8094. Read more…

Swiss Franc (CHF)

Uh-ohh! It looks like not even positive data from Switzerland could keep the Swiss franc from extending its losses to the dollar. USD/CHF ended the day higher yesterday at .9134 after opening at .9123. 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!