Daily Forex Fundamentals – October 14, 2011

What’s on the Economic Horizon

U.S. Retail Sales and University of Michigan Consumer Survey on Deck
Euro zone Inflation Rate Expected to Remain at 3.0%

U.S. Dollar (USD)

Hold the fort, Uncle Sam! After several days of losing, the Greenback was able to stand its ground yesterday. EUR/USD ended the day at 1.3786, just 6 pips higher from its opening price. Meanwhile, GBP/USD closed at 1.5774, up from 1.5774. Read more…

Euro (EUR)

What a topsy turvy day for the euro! The shared currency lost ground to most of its major counterparts during the Asian and London sessions but bounced back during the U.S. session. However, its rebound wasn’t enough to erase all its intraday losses as EUR/USD ended 6 pips below its 1.3792 open price while EUR/JPY closed 4 pips below the 106.00 handle. Read more…

British Pound (GBP)

And just when we all thought all hope was lost for the pound, dropping to an intraday low of 1.5666, the bulls stepped up their game and hustled GBP/USD up the charts. At the day’s close, the pair was 18 pips above its opening price at 1.5774. Whew! Read more…

Japanese Yen (JPY)

The low-yielding yen was able to receive a little love in yesterday’s trading session as risk appetite subsided. It managed to steal 70 pips from the euro, 61 pips from the pound, and 47 pips from the dollar. Read more…

Canadian Dollar (CAD)

The Loonie lost ground to the Greenback yesterday, with USD/CAD closing 23 pips up from its 1.0173 open price. The pair even reached a high of 1.0273 during the London session before retreating. Read on to find out what’s in store for the Loonie today. Read more…

Australian Dollar (AUD)

For the seventh (yes, that’s right) day in a row, the Aussie was able to come out on top versus the safe haven dollar. Thanks to very positive labor market figures, AUD/USD was able to rally 64 pips to end the U.S. trading session with a gain at 1.0204. Read more…

New Zealand Dollar (NZD)

NZD/USD was on a downtrend for the most part of yesterday’s trading but when it tapped the .7900 handle, the pair quickly reversed its direction! Too bad the bulls didn’t have enough fuel to end thee day with a win. By the day’s close, NZD/USD was at .7954, 5 pips below its opening price. Read more…

Swiss Franc (CHF)

No thanks to worse-than-expected data, the Swissy bulls’ hopes of ending the day with a win went kaput! EUR/CHF closed the day a 1.2372 after opening at 1.2347. Meanwhile, USD/CHF was up 19 pips at .8972 by the end of yesterday’s trading. 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!