Daily Forex Fundamentals – November 20, 2012

What’s on the Economic Horizon
BOJ to keep rates and asset purchases unchanged?
U.S. building permits and housing starts due today
Canadian wholesale sales up by 0.5%?

U.S. Dollar (USD)

It wasn’t the best of days for U.S. dollar bulls as the Greenback lost ground to all of its major counterparts. After opening at 1.2744, EUR/USD closed 8 pips above the 1.2800 handle, with the Greenback posting even bigger losses against the commodity currencies. Read more…

Euro (EUR)

Up, up, and away! The euro showed surprising resilience to start the week, posting respectable gains against its safe haven counterparts despite bad news from Moody’s. The shared currency gained 64 pips against the dollar, while snatching 50 pips away from the yen. Read more…

British Pound (GBP)

With only one report on deck in the U.K. yesterday, the pound traded on risk sentiment. It gained 12 pips on the Greenback but lost 36 pips to the euro. What the heck caused the mixed price action? Read more…

Japanese Yen (JPY)

Ouch! The Japanese yen got trampled on by its major counterparts during yesterday’s trading as risk appetite surged. EUR/JPY jumped above the 104.00 mark and closed at 104.19 while GBP/JPY ended the day at 129.37. Will the yen continue to lose ground today? Read more…

Canadian Dollar (CAD)

The Loonie had a strong start to the week, as it forced USD/CAD to trade below parity and end the day 46 pips lower at .9965. What kind of action can we expect from it today? Read more…

Australian Dollar (AUD)

Surf’s up, mates! After gapping higher over the weekend, AUD/USD staged a pretty strong rally during yesterday’s trading as it hit a high of 1.0418. AUD/JPY had its fair share of gains as it closed more than 50 pips up from its 84.14 open price. Read more…

New Zealand Dollar (NZD)

The Kiwi started the week on the right side of the charts yesterday as NZD/USD blasted 65 pips above its open price. And to think that New Zealand released weak reports yesterday! Read more…

Swiss Franc (CHF)

Who needs economic data when risk sentiment is all the franc needs? The Swiss franc triple roundhouse kicked its counterparts yesterday, dragging USD/CHF by 47 pips and GBP/CHF by 63 pips. 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!