Daily Forex Fundamentals – October 1, 2013

What’s on the Economic Horizon

U.S. ISM manufacturing PMI to dip to 55.3
U.K. manufacturing PMI to show another rise
RBA interest rate decision scheduled today

United States

The countdown continues! The Greenback lost a couple more pips to its counterparts yesterday thanks to speculations of a U.S. government shutdown. EUR/USD, GBP/USD, and USD/CHF all showed dollar weakness with Cable popping to its highest level this year. Read more…

Euro zone

It’s a deadlock! Euro and dollar traders refused to yield to each other in yesterday’s trading, keeping EUR/USD stuck in its current consolidation below 1.3550. EUR/JPY, on the other hand, enjoyed an upside breakout and rallied to the 133.00 area. Read more…

United Kingdom

Ka-ching, ka-ching! The pound bagged another set of gains against the U.S. dollar and the Japanese yen in yesterday’s trading, with GBP/USD climbing to the 1.6200 handle and GBP/JPY bouncing back to the 159.00 area. Read more…

Japan

Who’s back in Loserville? The yen is! The Asian currency took a hit yesterday after Japan’s reports mostly came in worse-than-expected. Check out your USD/JPY, EUR/JPY, and GBP/JPY charts if you don’t believe me! Read more…

Canada

Finally some volatility! USD/CAD made larger swings yesterday, as the pair dipped to a low of 1.0278 but bounced back above the 1.0300 handle eventually. It seems to have settled back inside its recent range so let’s take a look at today’s events to see if a breakout could be in the cards. Read more…

Australia

AUD/USD ended its losing streak yesterday after mixed reports from Australia and overall USD aversion pushed the pair to close 5 pips from its open price. Booyah! Read more…

New Zealand

Ah ha ha ha, stayin’ alive, stayin’ alive… The Kiwi moved to the Bee Gees’ groove yesterday, as NZD/USD managed to stay afloat. The pair dipped slightly below the .8300 handle for a while then bounced right back up to a high of .8335. Can it keep heading higher today? Read more…

Switzerland

It looks like USD/CHF is starting to settle in its new range, as the pair traded safely below the .9100 major psychological level. EUR/CHF also moved sideways after its recent dive and found support around the 1.2225 area. Can the franc bust out of its ranges today? 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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