Daily Forex Fundamentals – November 8, 2012

What’s on the Economic Horizon

U.S. Trade Balance to Show a 44.9 Billion USD Deficit
ECB Expected to Keep Minimum Bid Rate at 0.75%
BOE Interest Rate Decision on Deck

U.S. Dollar (USD)

It was a wild, wild Wednesday for the Greenback. The U.S. dollar index that tracks the performance of the currency versus other major currencies ended the day at 81.24, up from its opening level at 81.08. Read more…

Euro (EUR)

And the selling resumes! Thanks to some bearish forecasts by the European Commission, the euro went into a major free fall. EUR/USD dropped 110 pips from its high at 1.2877 to finish at 1.2767, while EUR/JPY closed 106 pips lower to end the day at 102.00. Read more…

British Pound (GBP)

Doji alert! Without anything on tap from the U.K., GBP/USD finished the day almost unchanged from its opening price. The pair was down by 7 pips at 1.5994 from its opening price when the New York session closed. Read more…

Japanese Yen (JPY)

Do you like rollercoasters? If your answer is yes, then I’m sure you enjoyed USD/JPY’s price action immensely yesterday! The pair went everywhere, literally! The pair opened up the day at 80.41, and then fell to 79.81, and then strongly rallied to its day open price, and then sold-off again! Read more…

Canadian Dollar (CAD)

Yesterday’s price is a perfect example of why you can never relax in the forex market! After it looked like USD/CAD was gonna continue sinking to new lows, we saw a midday reversal that allowed the pair to reverse all its losses and then some. By the end of the day, the pair was trading at .9967, up 92 pips from the daily low and 39 pips above its opening price. Read more…

Australian Dollar (AUD)

AUD/USD traded in an almost perfect reverse “V” pattern yesterday as it rallied strongly during the Asian session but sharply fell during the European and U.S. trading sessions. The pair, which began the day at 1.0438, had gone as high as 1.0465 before closing the day at 1.0415. Read more…

New Zealand Dollar (NZD)

Just like its comdoll comrades, the Kiwi suffered a loss against the dollar in yesterday’s trading as risk aversion kicked in. NZD/USD was down at .8257 by the end of the day from its opening price of .8257. And you know what, it looks like the worse is yet to come for the Kiwi. Read more…

Swiss Franc (CHF)

That’s what you get when negative data rolls in! Worse-than-expected data from Switzerland forced the Swiss franc to give up some ground against the dollar. USD/CHF tapped an intraday low of .9380 only to skyrocket up the charts and finish the day 16 pips above its opening price at .9448. 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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