Daily Forex Fundamentals – May 2, 2013

What’s on the Economic Horizon

U.S. ADP and the Fed Weighed on the Dollar
ECB Interest Rate Decision On Tap
Canadian Trade Balance Due Today

U.S. Dollar (USD)

KABOOM! The Greenback was triple roundhouse kicked by its major counterparts yesterday after the U.S. released dollar-bearish reports. What factors came into play and how badly did the dollar suffer? Read more…

Euro (EUR)

Not even some banking holidays could keep the euro from rising up the charts yesterday! EUR/USD climbed up the charts yesterday, as it finally retested former highs around 1.3200. The question is, will it hold? Read more…

British Pound (GBP)

When will these guys stop?! For the SIXTH day in a row, traders too Cable higher as another U.K. report came in better than expected. The pair had traded as high as 1.5606 before it closed at 1.5552 to lock in a 17 pip gain on the day. Read more…

Japanese Yen (JPY)

Eenie meenie miney mo, which direction will the yen go? Yesterday the yen’s price action was as mixed as a protein shake. It gained against the Greenback and the comdolls but finished the day almost unchanged against the euro and the pound. What’s up with that? Read more…

Canadian Dollar (CAD)

With most of the world out on holiday, economic catalysts were in shortage yesterday. This resulted in a pretty quiet day, with USD/CAD trading in a relatively tight range. The pair began 1.0074, found support at the previous day low at 1.0054, and then closed the day a few pips higher from its open at 1.0082. Read more…

Australian Dollar (AUD)

There goes almost all of AUD/USD’s profits! The Aussie wiped out most of the gains from last week in one day after a tandem of economic reports weakened the comdolls. The pair plunged by a whopping 96 pips and closed at 1.0271. Yikes! Read more…

New Zealand Dollar (NZD)

Not this time, Kiwi! After two straight days of posting gains against the Greenback, the Kiwi finally lost its mojo and ended up on the losing end. NZD/USD completely retraced its footsteps as it fell from .8572 to .8486. Read more…

Swiss Franc (CHF)

Swissy buyers don’t seem to be showing any signs of slowing down. They took USD/CHF another 25 pips lower while dragging EUR/CHF 19 pips down. How long can they keep this up? 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!