Daily Forex Fundamentals – May 3, 2013

What’s on the Economic Horizon

Australian PPI on tap
Markets await the release of U.S. NFP
U.K. services PMI to rise to 52.5

U.S. Dollar (USD)

The dollar finally strikes back! After days and days of being at the bottom of the dog pile, the dollar made its comeback and ravaged its major counterparts. In the end, it had snatched 65 pips from the yen, while gaining 120 pips on the euro. Read more…

Euro (EUR)

Can you say, weak sauce?! The euro took a beating thanks to some rather dovish comments by ECB head honcho Draghi. After shooting above 1.3200, EUR/USD came crashing down, eventually finishing at 1.3066, down 118 pips from its opening price. Read more…

British Pound (GBP)

Look out below! The pound lost its footing on the charts in yesterday’s trading. GBP/USD finished lower for the first time in seven days. It tapped an intraday high of 1.5592 and dropped like a rock to 1.5496 before finishing the New York session at 1.5538 with a 24-pip loss. Read more…

Japanese Yen (JPY)

You win some, you lose some! While the yen managed to strengthen against the euro and take EUR/JPY 31 pips lower, it weakened against the dollar as USD/JPY rose 65 pips. Where’s it headed today? Read more…

Canadian Dollar (CAD)

Could this be the end of the line for the CAD bulls? For the second day in a row, the Canadian dollar failed to edge out the dollar, as USD/CAD basically remained within a range. Will we see more of the same as we end the week? Read more…

Australian Dollar (AUD)

For the second day in a row, the Aussie slipped against the Greenback as AUD/USD dropped 19 pips to 1.0252. Uh oh… Is this the start of a new trend? Read more…

New Zealand Dollar (NZD)

Doji alert! The Kiwi managed to hold its ground against the dollar in yesterday’s trading. NZD/USD found support just below the .8500 handle. By the day’s close, it was up by 8 pips at .8494. Read more…

Swiss Franc (CHF)

Almost as soon as the day started, USD/CHF rallied higher from its opening price of .9273. The pair tapped an intraday high of .9364 before it closed with the franc sustaining a 76-pip loss at .9349. 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!