Daily Forex Fundamentals – November 3, 2011

What’s on the Economic Horizon

Draghi All Set For First ECB Rate Statement
U.S. Weekly Unemployment Claims On Tap
U.K. Services PMI Scheduled For Release

U.S. Dollar (USD)

After two days of impressive gains, dollar bulls took a break yesterday, allowing some of the higher yielding currencies to push ahead. EUR/USD recuperated some of its recent losses, as it finished 44 pips higher at 1.3747. Meanwhile, GBP/USD didn’t make headway in either direction, as it closed at its opening price of 1.5949. Read more…

Euro (EUR)

Despite all the trouble that’s brewing in the euro zone, the euro managed to snag a win against the U.S. dollar. Imagine that! EUR/USD closed more than 40 pips up from its 1.3703 open price after reaching a high of 1.3828. EUR/JPY, on the other hand, chalked up a loss as it closed 11 pips down from its 107.40 open. Continue reading to find out what the markets have in store for the euro pairs today. Read more…

British Pound (GBP)

It was a day of mixed results for the pound. GBP/USD swung to as low as 1.5916, then popped up to 1.6048, only to end the day right where it started at 1.5949. On the other hand, GBP/JPY slid gently and steadily down from its opening price of 125.00 to close at 124.48. Will it show more consistent results today? Read more…

Japanese Yen (JPY)

So much for intervention! While USD/JPY has remained steady above 78.00, EUR/JPY and GBP/JPY are right back to where they were before the BOJ intervened in the markets! What gives? Read more…

Canadian Dollar (CAD)

Take that, Greenback! After two consecutive days of losing to the U.S. dollar, the Loonie was able to retaliate and end with a win yesterday. USD/CAD reached a low of 1.0106 before closing at 1.0136, nearly 70 pips down from its 1.0203 open price. Can the Loonie hold on to its recent gains and go for more? Read more…

Australian Dollar (AUD)

Following the beat of risk sentiment yesterday, the Aussie remained steady in yesterday’s trading action and even managed to edge slightly higher. After opening at 1.0330, AUD/USD found itself at 1.0348 by the end of the day, marking an 18-pip gain. Read more…

New Zealand Dollar (NZD)

Three in a row, baby! Kiwi bears extended their winning streak as NZD/USD struggled to stay above its opening price. After a bit of sideways trading, the pair eventually gave in to weak risk appetite and tumbled late in the New York session to post a 38-pip decline for the day. Will Kiwi bears pull off a fourth straight win today? Read more…

Swiss Franc (CHF)

Though most Swissy pairs weren’t very active, the Swissy did manage to post small gains against its major counterparts. It rose 30 pips against the dollar while stealing a 1-pip victory away from the euro. Hey, a win is a win! 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!