Daily Forex Fundamentals – November 8, 2011

What’s on the Economic Horizon

Traders Paying Attention to the Political Drama in Greece and Italy
Australian Trade Balance Report Disappoints
U.K. Manufacturing Production Report for September Eyed at 0.2%

U.S. Dollar (USD)

Without any economic data on tap, the dollar’s scorecard was as mixed as Lady Gaga’s wardrobe in yesterday’s trading. It was able to snatch 9 pips from the euro when EUR/USD closed at 1.3781 but lost 13 pips to the yen when USD/JPY ended the day at 78.06. Read more…

Euro (EUR)

Despite political uncertainty in Greece and Italy, the euro was able to put up a good fight against its major counterparts. It only lost 9 pips to the dollar as EUR/USD traded sideways for most of the day. On the other hand, EUR/CHF gapped up over the weekend and ended 211 pips above last Friday’s closing price. How long can the euro keep this up? Read more…

British Pound (GBP)

Even with the release of positive data, the pound didn’t make much headway versus the dollar in yesterday’s trading. GBP/USD traded within a range of just 100 pips, closing at 1.6053, up just 14 pips on the day. Read more…

Japanese Yen (JPY)

Banzai! Yen bulls ended the day piptorious against their major counterparts. USD/JPY ended the day 13 pips below its opening price at 78.06 while EUR/JPY closed at 107.56 after starting the day at 107.85. Read more…

Canadian Dollar (CAD)

One step at a time, Loonie! The Canadian currency was able to erase some of its losses from last Friday as it gained 52 pips against the Greenback. Will it continue chipping away at its losses today? Read more…

Australian Dollar (AUD)

Aussie bulls ran out of fuel during the New York trading session to end the day with a win. AUD/USD rallied from its intraday low of 1.0277 and closed at 1.0370, 13 pips below its opening price. So close! Read more…

New Zealand Dollar (NZD)

Just like its comdoll siblings, the Kiwi remained within range to start the week. After hitting a high at .7999, NZD/USD retreated to close at .7972, marking just a 17-pip gain on the day. Read more…

Swiss Franc (CHF)

And just like that, EUR/CHF is right back at the 1.2400 handle! After gapping up to start the week, EUR/CHF continued to rise throughout the day, before closing above the psychological 1.2400 level, up more than 130 pips from its opening price. 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!