Daily Forex Fundamentals – November 6, 2012

What’s on the Economic Horizon

All eyes on the U.S. elections
RBA to cut interest rates?
Euro zone set to publish services PMIs
U.K. manufacturing production expected to grow 0.3%
Canadian Ivey PMI seen at 58.3

U.S. Dollar (USD)

Fear is in the air, baby! With U.S. voters getting set to hit the polls, the markets have been edgy and this has been beneficial to the safe haven dollar. As a result, the American currency found itself extending its gains against the euro, with EUR/USD dropping another 29 pips to land at 1.2789. Read more…

Euro (EUR)

Slumping! That’s the only way to describe the euro nowadays, baby! For the 10th time in the past 13 trading days, EUR/USD closed lower, as traders unloaded their positions in riskier assets. EUR/USD closed at 1.2789 for a 29 pip loss, marking the first time in over a month that the pair finished below 1.2800. Read more…

British Pound (GBP)

Look out below! The pound fell like a rock in yesterday’s trading following the release of worse-than-expected data from the U.K. GBP/USD fell from its intraday high of 1.6040 and hit a bottom at 1.5957 before closing the day 39 pips below its opening price at 1.5972. Read more…

Japanese Yen (JPY)

Make no mistake about it, the yen definitely got its groove back in yesterday’s trading! With the markets in risk-off mode, it gained 49 pips against the euro, 61 pips against the pound, and 19 pips against the dollar. Will it score another hat trick today? Read more…

Canadian Dollar (CAD)

For the first time in 5 trading days, the Loonie bulls took their hooves off the pedal and allowed the Greenback to edge higher. USD/CAD closed at .9969 to finish 16 pips above its opening price. Read more…

Australian Dollar (AUD)

Now that’s how you bounce back! The Aussie was one of the few currencies that stayed afloat against the Greenback’s onslaught yesterday, as AUD/USD managed to climb 19 pips to end the day at 1.0360. What’s the Aussie’s secret? Read more…

New Zealand Dollar (NZD)

Boooring! Without any economic data on tap from New Zealand, NZD/USD merely traded around the .8250 minor psychological handle before finishing the day 2 pips above its opening price at .8244. Read more…

Swiss Franc (CHF)

With renewed concerns about Spain, the Swiss franc just couldn’t strut its swag on the charts! Well, at least not in yesterday’s trading. USD/CHF continued to trade higher, opening at .9415 and closing at .9437. 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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