Daily Forex Fundamentals – October 12, 2011

What’s on the Economic Horizon

FOMC Meeting Minutes On The Clock
EZ Monthly Industrial Production Seen at -0.8%
U.K. Claimant Count Projected To Rise

U.S. Dollar (USD)

Even with traders coming back from the long weekend, we didn’t see too much movement in the markets, which left the dollar trading mixed versus its major counterparts. EUR/USD pretty much stayed in range, as it traded between 1.3680 and 1.3700. Meanwhile, the dollar booked a nice gain versus the pound, as GBP/USD dropped 58 pips to finish at 1.5615. Read more…

Euro (EUR)

And the Troika saves the day! The euro traded lower for the most part of the Tokyo and London sessions yesterday, with EUR/USD hitting an intraday low of 1.3566 and EUR/JPY bottoming out at 104.03. It wasn’t until during the New York session that the euro started to rally and ended the day with a 28-pip gain against the dollar and an 18-pip gain against the yen. Read more…

British Pound (GBP)

Unable to pick up where it left off on Monday, the British pound stumbled on the charts yesterday as dovish words and weak manufacturing data kept it from rising. Cable pretty much traded in one direction the whole day, sliding steadily from its opening price of 1.5673 to finish at 1.5615. Read more…

Japanese Yen (JPY)

Thanks to some profit taking after Monday’s strong moves, the yen was able to buckle mixed data and post some decent gains. GBP/JPY finished 70 pips lower at 119.46, while CAD/JPY closed at 74.55, marking a 15-pip drop for the day. Read more…

Canadian Dollar (CAD)

Despite the improvement in risk appetite and better-than-expected data from Canada, the Loonie joined its comdoll homies in the losers’ bench yesterday. It was unable to pare the losses it incurred during the Tokyo and London trading sessions and USD/CAD closed 18 pips above its opening price at 1.0281. Read more…

Australian Dollar (AUD)

Well how about that? Parity held! The Aussie failed to make any headway above the magical 1.0000 mark and is now currently trading below the .9900 mark! Read more…

New Zealand Dollar (NZD)

I guess chalking up two big wins in a row was too much to ask for from the Kiwi! After putting up ginormous gains on Monday, the comdoll was forced to give up a few pips as it weakened against the Greenback yesterday. At the end of the day, NZD/USD closed at .7825, down 17 pips on the day. Read more…

Swiss Franc (CHF)

The Swissy gave back some of its gains from the previous day as USD/CHF climbed to hit an intraday high of .9123 after opening at .9034. However, it put up a fight in the New York session, forcing the pair to close at .9058, just 24 pips higher on the day. Read more…

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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!