Daily Forex Fundamentals – November 21, 2011

What’s on the Economic Horizon
Japan’s trade deficit widened to 0.46 trillion JPY in Oct
U.S. existing home sales report due today
Canadian wholesale sales up by 0.6% in Sept?

U.S. Dollar (USD)

All right Greenback, show ‘em how it’s done! The safe-haven U.S. dollar dominated in last week’s trading as it ended higher against most of its major counterparts. EUR/USD fell from a week open price of 1.3788 to close at 1.3516 while USD/JPY ended 30 pips below its 77.20 weekly open. With plenty of U.S. economic releases scheduled this week, where could the Greenback be headed? Read more…

Euro (EUR)

Well, well, well, it appears the euro bulls have finally come out of hiding last Friday. EUR/USD, which began the day at 1.3467, rose as high as 1.3616 before closing the U.S. trading session at 1.3516. Read more…

British Pound (GBP)

Ugh, it was so close! The pound started the day strong against its major counterparts, but a bit of profit-taking soon took its toll on the high-yielding currency. Cable tipped an intraday high at 1.5889 before finishing the day with only a 32-pip gain, while GBP/JPY also showed the same picture with only an 18-pip increase at 121.44. Read more…

Japanese Yen (JPY)

Well, you can’t win ‘em all, can you? The Japanese yen was able to score gains against the U.S. dollar and the Kiwi last Friday, but ended up losing to the euro and the pound. EUR/JPY closed 4 pips shy of the 104.00 handle while USD/JPY landed 9 pips below the 77.00 mark. Will the yen find a clearer direction today? Read more…

Canadian Dollar (CAD)

Down and up the Loonie went, but it ended just where it started! USD/CAD, which began the Asian trading session at 1.0271, found itself barely changed by the end of the day at 1.0284. Read more…

Australian Dollar (AUD)

Guess who put the “Aww” in the Aussie? That’s right, it’s risk aversion! I’m pretty sure that the Australian dollar wasn’t too happy about sinking back below parity against the U.S. dollar as AUD/USD dipped to a low of .9964 last week. Will the Aussie have a chance to recover or is it headed down under? Read more…

New Zealand Dollar (NZD)

Unfortunately for the Kiwi, the currency bears capped the week with a big high five. That’s right, NZD/USD was pushed lower for the fifth day in a row, and added 15 more pips to its weekly losses to a total of 316 pips at .7564. OUCH! Read more…

Swiss Franc (CHF)

When risk appetite shoots up you just know that the low-yielding franc is in for a fall! A burst of risk appetite took its toll on the franc last Friday, limiting EUR/CHF’s losses to only 8 pips at 1.2400, while USD/CHF also climbed from its intraday low of .9085 and finished the day at .9174. 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!