Daily Forex Fundamentals – October 17, 2011

What’s on the Economic Horizon

U.S. Consumer Spending Up in September
Euro Zone CPI for September at 3.0%
Comdolls Rally On China’s PPI Report

U.S. Dollar (USD)

Talk about having a bad week! Save for the yen, the dollar scored losses against all of its major counterparts. Heck, the USDX even posted a five-day losing streak, ending the week at 77.05 after opening at 79.19. Read more…

Euro (EUR)

Two words: risk appetite. It seemed that the improving risk appetite among traders and investors came mainly from the positive EFSF reception of the euro zone member nations. EUR/USD closed Friday at 1.3878, more than 500 pips higher from its week open price. Read more…

British Pound (GBP)

Thanks to last Friday’s risk rally, the pound was able to end the week on a high note. Cable rose steadily from its opening price to forge an intraday high at 1.5850. At the end of the day, it finished at 1.5808 to record a 34-pip gain. Three in a row, baby! Read more…

Japanese Yen (JPY)

Aww, poor guy! The yen didn’t get any lovin’ from investors on Friday as risk appetite continued to dictate market sentiment. EUR/JPY ended the day 119 pips above its opening price at 107.15 while USD/JPY closed the week at 77.21, up from Friday’s opening price of 76.86. Read more…

Canadian Dollar (CAD)

Thanks to the wide-reaching case of risk appetite, the Loonie was one of the best performing currencies last Friday. The comdoll rose a solid 90 pips versus the safe haven dollar and 108 pips against the low-yielding yen. Read more…

Australian Dollar (AUD)

The Aussie is just unstoppable! Despite the lack of economic reports from Australia, the comdoll powered through resistance areas on Friday and ended the day with a whopping 139-pip win against the dollar at 1.0343! Read more…

New Zealand Dollar (NZD)

Fly, Kiwi, Fly! That’s exactly what the comdoll did in Friday’s trading as risk appetite lingered in the markets. After dipping to an intraday low of .7909, NZD/USD skyrocketed to its closing price at .8051 with a 97-pip gain. Read more…

Swiss Franc (CHF)

It looks like the optimism with regard to euro zone’s debt situation was so strong that even the supposedly safe Swissy was able to rally verus the Greenback. USD/CHF ended the U.S. trading session at .8930, 42 pips lower from its opening price during the Asian session. 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!