Daily Forex Fundamentals – November 11, 2011

What’s on the Economic Horizon

Preliminary University of Michigan Survey to Improve
U.K. Input PPI Expected to Show no Gain

U.S. Dollar (USD)

The Greenback found itself on the back foot of other major currencies as risk aversion tempered. Apparently, thanks to a solid Italian bond auction, market mood was uplifted, which helped higher-yielding currencies gain ground versus the Greenback. EUR/USD, for instanced, managed to post a 53-pip gain yesterday. Read more…

Euro (EUR)

Wooooo! What a day for the euro! After it looked like EUR/USD was going to break past the 1.3500 barrier, it recovered on improved risk appetite and eventually traded to as high as 1.3654. By the end of the day, the pair had closed at 1.3603, up 49 pips on the day. Read more…

British Pound (GBP)

Whoa! It seems like price action on GBP/USD during yesterday’s trading was as intense as my Zumba class. The pair opened at 1.5927, rallied to a high of 1.5986, before falling to a low of 1.5869. Then towards the end of the day, it bounced back up to end the day at its opening price. Read more…

Japanese Yen (JPY)

The yen found itself trading in a mixed manner against other major currencies yesterday. Even though it rose against both the pound and the Greenback, it fell versus the euro. It appears that traders aren’t too sure whether to buy or sell the yen with all this currency intervention talk! Read more…

Canadian Dollar (CAD)

Ha, take that greenback! After taking a beating during the earlier sessions, the Canadian dollar came swinging back and managed to post a nice victory versus the dollar. USD/CAD traded as high as 1.0219 before retreating to close at 1.0176, marking a 43-pip loss for the day. Read more…

Australian Dollar (AUD)

For the second straight day, the Aussie found itself holding on to the short end of the stick. AUD/USD ended the U.S. trading session at 1.0142, 11 pips lower from its opening price. While the losses weren’t as severe as the previous day, this just goes to show that traders still have some risk aversion in them, especially since Australia’s labor report came in better than expected! Read more…

New Zealand Dollar (NZD)

Where are ’em Kiwi bulls at?? NZD/USD ended yesterday’s trading 56 pips below its opening price at .7763, making the Kiwi the only comdoll to score a loss against the dollar. Read more…

Swiss Franc (CHF)

Aaand the franc prints another mixed scorecard! While it was able to 26-pip gain against the dollar when USD/CHF closed at .9063, it gave up 11 pips to the euro as EUR/CHF ended the day’s trading at 1.2239. 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!