Daily Forex Fundamentals – March 6, 2012

What’s on the Economic Horizon

Canada’s IVEY PMI on tap
China lowers economic growth forecasts to 7.5%
RBA to keep its rates at 4.25%?

U.S. Dollar (USD)

The dollar’s price action was as mixed as a bag of beans yesterday as traders priced in the major reports hitting our way in the next couple of days. The Greenback posted gains against the comdolls, but weakened against its European counterparts. Wait a minute, what the heck happened? Read more…

Euro (EUR)

After their poor performance last Friday, the euro bulls stepped up their game yesterday and managed to recover some of their losses. EUR/USD, as a result, closed the day at 1.3222, 30 pips higher from its opening price during the Asian trading session. Read more…

British Pound (GBP)

Cable was off to a weak start as it dipped briefly below the 1.5800 handle before bouncing back on its feet and closing at 1.5865. Guppy was also able to recover during the U.S. session, but not enough to close higher than its 129.55 open price. Can the pound pairs hold on to their recent gains today? Read more…

Japanese Yen (JPY)

The yen is back in the game, baby! Thanks to profit-taking ahead of major economic reports and a lower GDP forecast from China, the yen once again flexed its muscles in the charts. USD/JPY dropped to an intraday low of 81.15 before capping the day at 33 pips lower than its open price, while EUR/JPY also slipped by 20 pips to 107.73. Read more…

Canadian Dollar (CAD)

For the second straight trading day, the Loonie suffered defeat under the hands of the might Greenback. USD/CAD closed the U.S. trading session at .9942, 50 pips higher from its opening price during the Asian session. Read more…

Australian Dollar (AUD)

Don’t look now, but the Aussie just registered another losing day against the Greenback! AUD/USD fell almost steadily yesterday and even reached a low of 1.0656 before leveling off with a 69-pip loss at 1.0669. Interestingly enough, the weakness wasn’t just caused by China’s weak GDP forecasts. Read more…

New Zealand Dollar (NZD)

My, oh my! The Kiwi took a nasty tumble in yesterday’s trading as NZD/USD slipped close to the .8200 handle after opening at .8308. What caused this huge drop? Read more…

Swiss Franc (CHF)

It ends at three! The Swissy was able to put an end to its losing streak as it pocketed some gains against the Greenback yesterday. USD/CHF opened at .9145, dipped to a low of .9106, before closing at .9121. EUR/CHF, on the other hand, was still stuck above the 1.2050 level. 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!