Daily Forex Fundamentals – October 11, 2011

What’s on the Economic Horizon
Australian business confidence improved in Sept
U.K. manufacturing production to print 0.1% decline
Canadian housing starts at 187K for Sept?

U.S. Dollar (USD)

Risk appetite was up again yesterday, and the U.S. dollar was not too happy about it. The Greenback lost ground to its major counterparts, including the Japanese yen and the Swiss franc, as traders gobbled up the higher-yielding currencies. EUR/USD reached a high of 1.3699 while AUD/USD closed 13 pips shy of parity. Will risk appetite extend its stay in the markets today? Read more…

Euro (EUR)

EURO FTW!!! With investors full of hope for a bailout plan to be finalized by the end of the month, the euro flew up the charts and never looked back. It marked a 294-pip gain against the U.S. dollar, while rising 216 pips against the Japanese yen. What a way to start the week! Read more…

British Pound (GBP)

With risk appetite in full force to start the week, the pound managed to post some nice gains versus the safe havens. GBP/USD booked a 135-pip gain to close at 1.5672, while GBP/JPY closed at 120.16, up 93 pips from its opening price. Read more…

Japanese Yen (JPY)

Yesterday, the Japanese yen lost to most of its major counterparts, except for the U.S. dollar. Risk appetite provided a boost to yen crosses, allowing GBP/JPY to end 16 pips above the 120.00 handle and AUD/JPY to close at 76.56. USD/JPY ended the day in the red as it closed 7 pips below its 76.74 open price. Read more…

Canadian Dollar (CAD)

Not one to get left behind, the Loonie joined yesterday’s risk rally and climbed up the charts. As a result, USD/CAD dropped 141 pips to close at 1.0263. Will the Loonie put up similar gains today? Read more…

Australian Dollar (AUD)

Touchdown at parity! AUD/USD topped at 1.0016 yesterday as risk appetite surged yet again. Although the pair pulled back to close 13 pips shy of the 1.0000 mark, that was still a 250-pip rally from its .9737 open price. Will it be able to break above parity today? Read more…

New Zealand Dollar (NZD)

Fly Kiwi, fly! The New Zealand dollar soared up the charts yesterday, posting a ridonculous 165-pip gain versus the dollar to close at .7841. Can the Kiwi continue its good fortune today? Read more…

Swiss Franc (CHF)

VICTORY! With the dollar getting dumped across the board, the Swiss franc took advantage and ran roughshed all over the Greenback. USD/CHF dropped a massive 253 pips to close the day at .9034! 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!