Daily Forex Fundamentals – November 29, 2011

What’s on the Economic Horizon

U.S. Consumer Confidence: Upside Surprise?
U.K. Nationwide HPI on Tap
Current Account Figures Due Today

U.S. Dollar (USD)

It looks like the dollar was included in the holiday weekend deals, as it struggled in yesterday’s trading sessions. EUR/USD gapped up over the weekend and retested the 1.3400 handle before giving back its gains, while USD/CAD sank 93 pips to finish at 1.0353. Read more…

Euro (EUR)

EUR/USD may have gapped up over the weekend and reached a high of 1.3400, but it still ended the day with a loss as it closed 21 pips down from its 1.3332 open price. EUR/JPY, on the other hand, scored a win as it ended up 38 pips above its 103.39 open. Why did the euro have a mixed performance yesterday and what’s in store for the euro pairs today? Read more…

British Pound (GBP)

With risk appetite back up, the pound was able to overcome weak sales data and dovish words from central bank officials to end the day higher against its safe haven counterparts. Cable finished 25 pips higher at 1.5504 while Guppy rose 81 pips to close at 120.87. Read more…

Japanese Yen (JPY)

Phew! I bet the Bank of Japan let out a sigh of relief when they saw all the risk-taking that took place yesterday! EUR/JPY rose to as high as 104.52, before settling at 103.77 to finish with a 38-pip gain, while GBP/JPY closed at 120.87, up 81 pips on the day. Read more…

Canadian Dollar (CAD)

Take that, Greenback! The Loonie ended its losing streak against the U.S. dollar as USD/CAD closed 83 pips down from its 1.0436 day open price. Is this merely a retracement or could USD/CAD be in for a reversal? Read more…

Australian Dollar (AUD)

What a beautiful start to the week! After gapping up over the weekend, the Aussie tore up the charts, rising to as high as .9977 before settling for a 79-pip gain and finishing at .9901. Read more…

New Zealand Dollar (NZD)

It’s aliiiiive! Like a zombie, the Kiwi rose from the grave yesterday as risk appetite and positive business confidence data helped revive the comdoll. After gapping up over the weekend, NZD/USD rallied to close at .7550, ending the day 159 pips above last Friday’s closing price. Read more…

Swiss Franc (CHF)

Surprise, surprise! Despite the risk rally, the Swiss franc was able to chalk up some pretty decent gains against the dollar and the euro. It stole 45 pips from the dollar, pushing USD/CHF to .9231. Meanwhile, it took 79 pips away from the euro and dragged EUR/CHF to 1.2287. 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!

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