Daily Forex Fundamentals – November 15, 2011

What’s on the Economic Horizon

U.S. Retail Sales Report to Show a 0.3% Gain
Italian 5-year Bond Yields Reach 14-year High
U.K. Inflation Figures on Deck

U.S. Dollar (USD)

And just like that the Greenback managed to recover all of its losses from Friday. Wow, talk about a major comeback! Due to the ongoing uncertainty surrounding the euro zone debt crisis and political issues, traders sought the safety of the Greenback yesterday. EUR/USD, which began the day at 1.3789, found itself 164 pips lower by the end of the U.S. trading session. Meanwhile, GBP/USD dropped to 1.5903 from 1.6087. Read more…

Euro (EUR)

The euro bulls must’ve had hangovers from their weekend parties, because boy, were they in a bad mood! After pushing the euro aggressively higher last Friday, the euro plunged sharply against its counterparts yesterday. EUR/USD ended up falling by 162 pips at 1.3626, while EUR/JPY also dropped by 137 pips and closed below the 105.00 handle. Read more…

British Pound (GBP)

Uh-oh. It looks like the pound is off to a bad start. It fell like a rock against the dollar as soon as it opened at 1.6087. GBP/USD ended the day back to the bottom of the range that Big Pippin pointed out in his Daily Chart Art yesterday at 1.5903. Read more…

Japanese Yen (JPY)

While the other major currencies suffered due to risk aversion, the yen stayed firm and rallied versus the Greenback. In addition to that, the yen posted gains over high-yielding currencies and risk-related currencies like the euro, the pound, and the Aussie. EUR/JPY, which most traders consider as a good barometer of risk, dropped 137 pips to close the U.S. trading session at 105.06. Read more…

Canadian Dollar (CAD)

Looks like the comdoll bulls have had enough partyin’ last weekend! Like its other comdoll buddies, the Loonie pared some of its gains against the dollar. USD/CAD capped the day 87 pips above its open price after hitting an intraday high of 1.0196. What gives? Read more…

Australian Dollar (AUD)

Similar to other major currencies, the Aussie fell victim to traders’ aversion to risk. The currency was sold-off across the board with AUD/USD and AUD/JPY dropping 126 pips and 108 pips, respectively. Read more…

New Zealand Dollar (NZD)

If not for risk aversion, the Kiwi could’ve had it all, rolling in the pips. NZD/USD tumbled from its opening price of .7880 and closed the day at .7785. Read more…

Swiss Franc (CHF)

The Swissy’s swagger was no match to the dollar’s strength yesterday. It gave up 72 pips as USD/CHF ended the day at .9073. However, it wasn’t all that bad for the Swissy as it still managed to gain 43 pips from the euro as EUR/CHF closed at 1.2365. 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!