Daily Forex Fundamentals – November 4, 2011

What’s on the Economic Horizon
No need for Greece referendum
U.S. NFP to show 97K increase in hiring for Oct
Canadian jobless rate could climb to 7.2%

U.S. Dollar (USD)

That was quite a turnaround, wasn’t it? Just the other day, the Greenback was strutting its stuff across the charts… then BAM! Risk appetite came rushing back in! Because of that, the Greenback gave back most of its gains against its counterparts, except for the Japanese yen and Swiss franc. Read more…

Euro (EUR)

Saved for another day! Despite all the drama in the euro region, the euro actually edged higher against most of its counterparts with EUR/USD climbing by 76 pips to 1.3823, while EUR/GBP recovered from an intraday low of .8563 and capped the day at .8617. Read more…

British Pound (GBP)

Victooory! After losing to the dollar for two days straight, the pound finally gathered enough strength to end the day with a win despite disappointing data. GBP/USD rallied from its intraday low of 1.5877 all the way up to its closing price of 1.6042, 93 pips above its opening price. Read more…

Japanese Yen (JPY)

The Japanese yen’s performance was as mixed as a bag of nuts as it lost to the Greenback and the euro but gained against the pound. USD/JPY struggled to hold on to the 78.00 handle as it dipped to 77.89 before closing at 78.06. EUR/JPY closed 60 pips up from its 107.30 open price while GBP/JPY ended 7 pips below the 125.00 mark. Read more…

Canadian Dollar (CAD)

For the second day in a row, the Loonie tacked on gains against the dollar on a surge in risk appetite from improvements in the euro region. USD/CAD only went up to an intraday high of 1.0217 before it closed with a 67-pip loss at 1.0069. Read more…

Australian Dollar (AUD)

The Aussie dollar was far from falling down under yesterday as it got a strong boost from risk appetite. AUD/USD dipped close to the 1.0200 handle during the start of the London session but rebounded and managed to close at 1.0417. Can it go for more gains today? Read more…

New Zealand Dollar (NZD)

And just when we all thought all hope was already lost for the Kiwi, the bulls put their A-game on and boosted NZD/USD from its intraday low of .7807. At the end of the day, the pair settled 42 above its opening price at .7956. Read more…

Swiss Franc (CHF)

Aha! It looks like someone has been sneaking pips out of its counterparts! Despite the lack of economic reports from Switzerland, the Swissy was able to end the day higher against the dollar and the euro. USD/CHF ended the day 63 pips lower at .8778 while EUR/CHF closed 20 pips below its opening price at 1.2134. 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!