Every day, I will present to you my findings and daily commentaries on what recently happened in the economic arena, possible shifts in sentiment, economic events to watch out for, and their effects on currencies. This blog, however, is not an economic crystal ball. I am not a fortune teller - I will simply try to piece together some economic updates so I can provide you with my scholarly opinions and analysis on the markets for a ‘sneak preview’ on what lies ahead.
What's on the Economic Horizon
U.S. Retail Sales Report on Deck
New Zealand Inflation Rate to Rise to 0.5% from 0.3%
U.S. Dollar (USD)
Despite the relatively light economic calendar, the Greenback was unable to hold its ground and turned lower against most major currencies last Friday. The U.S. dollar index marked its third straight losing day as it closed at the 80.13 level. Read more...
Euro (EUR)
The euro ended the week on a winning note, as it posted a 28-pip victory versus the dollar to finish at 1.2956, marking the third consecutive day it closed higher. Will the good times roll or will the euro bulls come in with a weekend hangover to start the week? Read more...
British Pound (GBP)
Aha! It looks like traders were as excited as Twilight fans are over the upcoming Breaking Dawn movie last Friday. Rumors that a Spanish bailout and a PBOC rate cut would happen over the weekend encouraged risk taking and allowed higher-yielding currencies, including the pound, to rally against the dollar and the yen. Read more...
Japanese Yen (JPY)
Friday turned out to be a very uneventful day for the yen as it mainly traded sideways versus most major currencies. USD/JPY, for instance, moved within a very tight 30-pip horizontal range the entire day. The pair opened the Asian session at 78.34 and closed the day barely changed at 78.38. Read more...
Canadian Dollar (CAD)
With no data lined up, USD/CAD trading was as dull as the plot of Taken 2. USD/CAD stuck within a range of about 40 pips and eventually ended the day at .9793, just 5 pips above the day open. Read more...Australian Dollar (AUD)
In spite of the better-than-expected Australian employment report, AUD/USD was still sold-off heavily last Friday. It had opened the day at 1.0263, rose its highest level at 1.0290, and then fell back down to 1.0231. Read more...
New Zealand Dollar (NZD)
The .8200 major psychological level just proved too much for the Kiwi to handle. NZD/USD rallied to an intraday high of .8210 on Friday only to drop and close 4 pips below its opening price at .8170. Read more...
Swiss Franc (CHF)
The rumor mill had the Swiss franc flexin' its muscles on Friday. Talks that a Spanish bailout and a PBOC rate cut would happen over the weekend spurred risk appetite and allowed USD/CHF to trade lower. By the end of the New York session, the pair had settled 14 pips below its opening price at .9334. 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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