Daily Forex Fundamentals – March 7, 2012

What’s on the Economic Horizon
Australian Q4 GDP fell short of expectations
U.S. ADP figure expected at 204K for Feb
RBNZ to keep rates on hold at 2.50%

U.S. Dollar (USD)

The Greenback showed ’em who’s boss yesterday as the safe-haven currency raked in gains from most of its major counterparts, except for the Japanese yen. USD/JPY opened at 81.48 then ended the day 15 pips below the 81.00 handle while EUR/USD edged close to the 1.3100 handle. Will the safe-haven rallies continue today? Read more…

Euro (EUR)

Tuesday’s trading session was dominated by risk aversion again with the euro weaker against the safe haven Greenback. It fell almost the entire day and closed the U.S. session more than 100 pips lower from its opening price. Read more…

British Pound (GBP)

Thar she blows! No major economic report was released from the U.K. yesterday, so the pound wasn’t able to escape the risk aversion train that hit the markets. Cable registered a 168-pip drop to 1.5697, while GBP/JPY also fell by 215 pips to 127.11. Read more…

Japanese Yen (JPY)

Way to go, yen! Thanks to risk appetite, the Japanese yen was able to snatch some gains from its major counterparts, including the safe-haven U.S. dollar, as concerns about Greece’s debt swaps dominated the news yesterday. USD/JPY slipped below the 81.00 handle and closed at 80.85 while EUR/JPY dipped to a low of 105.65. Read more…

Canadian Dollar (CAD)

Make that three in a row! The Loonie took another major hit across the board as risk aversion turned out to be the dominating market theme in yesterday’s trading session. USD/CAD closed the U.S. trading session at 1.0005, 64 pips from where it began that day. Read more…

Australian Dollar (AUD)

The Aussie took another beating from the safe-haven currencies yesterday as it ended much lower against the Greenback and the Japanese yen. AUD/USD opened at 1.0670 then closed more than a hundred pips lower at 1.0558 while AUD/JPY dipped to the 85.00 area. Will the Aussie continue to go down under today? Read more…

New Zealand Dollar (NZD)

Boy, those Kiwi bears sure know how to party! NZD/USD fell sharply for the third day in a row, this time slipping by 79 pips to .8130 after hitting an intraday low at .8100. What caused the Kiwi weakness this time? Read more…

Swiss Franc (CHF)

With no economic report scheduled from Switzerland, the franc fell victim to risk sentiment in markets. The low-yielding currency gained against the troubled euro with EUR/CHF slipping by 9 pips to 1.2050, but dollar strength boosted USD/CHF by 65 pips to .9187. Read more…

Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.

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Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!