Daily Forex Fundamentals – May 1, 2013

What’s on the Economic Horizon

U.K. manufacturing PMI seen at 48.6
U.S. to unload hard reports and FOMC statement
Markets to celebrate Labor Day

U.S. Dollar (USD)

You’d think that the markets would finally get tired of dumping the dollar, but it seems that’s not the case! Once again, it lost a whole bunch of pips against its major counterparts as traders positioned themselves ahead of the FOMC statement. At the end of the day, EUR/USD finished 72 pips higher at 1.3170, while USD/JPY settled at 97.49 with a 38-pip loss. Read more…

Euro (EUR)

Who’s the loser now? The euro registered gains left and right against its counterparts yesterday despite persistent rumors of an ECB rate cut. EUR/USD gained for a third day in a row while EUR/GBP and EUR/JPY printed back-to-back gains. What the heck is up? Read more…

British Pound (GBP)

The pound bears were on a rampage yesterday as they dragged the currency lower against the yen and the euro. Cable traders missed the memo though, as it closed 36 pips higher than its open price. Read more…

Japanese Yen (JPY)

We got mixed results from the yen, but considering the mixed reports that we got about the Japanese economy, it wasn’t all to surprising! While the yen snatched 38 pips away from the dollar, it lost 18 pips to the euro. Which way will it go today? Read more…

Canadian Dollar (CAD)

The winning streak continues! Thanks to positive Canadian data, USD/CAD fell for a FIFTH day in a row, slipping by 41 pips this time. What energized the Loonie bulls anyway? Read more…

Australian Dollar (AUD)

The Aussie stretched its lead against the Greenback as buyers lifted AUD/USD up 17 pips to land at 1.0367. That makes it two in a row now for the comdoll! Will it make it three today? Read more…

New Zealand Dollar (NZD)

Negative report? Eh, that didn’t matter to the Kiwi. Well, at least not in yesterday’s trading. NZD/USD continued to trade higher despite a lower ANZ Business Confidence report from New Zealand. The pair was up 4 pips by the end of the New York session. Read more…

Swiss Franc (CHF)

It was a big day for the Swissy as it dominated its two major counterparts. It trampled the dollar to take USD/CHF 75 pips lower at .9298, while crushing the euro to drag EUR/CHF 31 pips down to 1.2245. Can it sustain these gains? 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!