Daily Forex Fundamentals – March 7, 2013

What’s on the Economic Horizon
ECB to keep rates unchanged at 1.00%
More easing from the BOE?

U.S. Dollar (USD)

Why, thank you risk aversion! The Greenback got a strong boost from safe-haven flows during yesterday’s trading as the U.S. printed strong economic data while most of the major economies showed signs of weaknesses. Will the dollar be able to hold on to its gains today? Read more…

Euro (EUR)

EUR/USD weakened strongly yesterday due to the speculation that the ECB would set the stage for further monetary easing in its next policy statement. EUR/USD started the day at 1.3041 but closed the U.S. trading session at 1.2995. Read more…

British Pound (GBP)

The pound just can’t catch a break, can it? Despite better-than-expected reports from the U.K., the pound ended the day in the red against the dollar, euro, and the yen. What the heck happened? Read more…

Japanese Yen (JPY)

Don’t look now, but USD/JPY looks ready to break above the 94.00 barrier! The pair reached a high of 94.11 during yesterday’s trading as strong U.S. data lifted the Greenback. EUR/JPY also enjoyed some gains as the pair climbed past the 122.00 handle. Read more…

Canadian Dollar (CAD)

The Loonie loomed around its weakest level in almost three quarters versus the safe haven Greenback after the Bank of Canada (BOC) announced yesterday that it wouldn’t hike interest rate anytime soon since inflation slowing faster than initially anticipated. USD/CAD began the day at 1.0278, rose to 1.0337, and then settled at 1.0312. Read more…

Australian Dollar (AUD)

The Australian dollar got wiped out during yesterday’s trading after AUD/USD failed to break past the 1.0300 major psychological resistance. The pair tumbled all the way back down to the 1.0200 area for another test of the support level. Will it still hold this time? Read more…

New Zealand Dollar (NZD)

Not so fast, Kiwi bulls! NZD/USD wasn’t able to duck from the risk aversion train that hit the markets yesterday as it closed 19 pips lower than its open price after hitting an intraday high at .8351. Read more…

Swiss Franc (CHF)

The franc continued to feel pain from the markets yesterday as USD/CHF and EUR/CHF both continued their journey up the charts. But with no data out from Switzerland, you really shouldn’t be surprised that the franc traded on its counterparts’ price action. 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!