Daily Forex Fundamentals – November 23, 2012

What’s on the Economic Horizon

Japan to celebrate Labor Thanksgiving Day
German Ifo Business Climate seen at 99.6
No changes expected in Canadian CPI

U.S. Dollar (USD)

When U.S. traders are away, dollar sellers will play! While U.S. banks were closed in celebration of Thanksgiving Day, sellers had their way with the dollar, dumping the American currency and causing it to weaken against all of its major counterparts except for the pound and Loonie. Read more…

Euro (EUR)

Looks like the euro bulls have plenty to be thankful for, as it beat the stuffing out of its major counterparts. EUR/USD rose to as high as 1.2900 before finishing at 1.2883, up 59 pips on the day. Meanwhile, EUR/JPY edged 41 pips higher to end at 106.20. Read more…

British Pound (GBP)

And the pound’s winning streak comes to an end! After rallying for four consecutive days against the Greenback, the pound ended the day in the red as GBP/USD closed at 1.5936. GBP/JPY also had its share of losses as it closed at 131.37. Read more…

Japanese Yen (JPY)

It was a day of mixed results for the yen. While it managed to stop the bleeding against the dollar, it couldn’t help but weaken further versus the euro. USD/JPY ended 5 pips lower at 82.44 after trading as high as 82.85, while EUR/JPY rallied 41 pips to a new 6-month high at 106.20. When will yen sellers finally run out of steam? Read more…

Canadian Dollar (CAD)

Zzzzzz…. With no major data released, USD/CAD stayed in consolidation mode, bouncing within a range of just 30 pips. Will we see more of the same to end the week? Read more…

Australian Dollar (AUD)

AUD/USD took traders on a topsy-turvy rollercoaster ride, climbing to a high of 1.0402 and dipping to a low of 1.0352, only to end the day 1.0387, just 23 pips above its opening price. Will it give us another wild ride today? Read more…

New Zealand Dollar (NZD)

After a bit of a tussle, the Kiwi managed to outpace the Greenback in yesterday’s trading as NZD/USD closed at .8152, 15 pips higher than its .8137 open price. Will it be able to hold on to its gains today? Read more…

Swiss Franc (CHF)

As though a day’s worth of winnings ain’t enough, the Swissy extended its rally against the Greenback and scored another set of wins yesterday! USD/CHF started the day at .9389 and closed at .9351. Will its good streak come to an end today? 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!