Daily Forex Fundamentals – October 2, 2012

What’s on the Economic Horizon

RBA rate decision to dictate AUD/USD action?
Spanish employment data on tap
U.K. construction PMI seen at 50.0

U.S. Dollar (USD)

No strong start to Q4 for the dollar. Its performance was anything but stellar as it failed to make headway against most of its major counterparts, despite the release of better-than-expected data. Will today be any different? Read more…

Euro (EUR)

Now that’s how you start a new trading quarter! The euro pared some of its losses yesterday as stronger-than-expected PMI reports trumped risk aversion. EUR/USD jumped 42 pips higher to 1.2889, while EUR/JPY also shot up by 37 pips to 100.55. Booyah! Read more…

British Pound (GBP)

It’s a deadlock, ladies and gents! GBP/USD dipped to a low of 1.6109 and spiked to a high of 1.6176 but finished right where it started, which was at 1.6138. Which way will it go today? Read more…

Japanese Yen (JPY)

We didn’t get much action from the yen to start the quarter. It barely budged against the dollar as USD/JPY just climbed 3 pips to 78.02. Meanwhile, EUR/JPY found itself 37 pips higher at 100.55. Will we see bigger moves today? Read more…

Canadian Dollar (CAD)

Is USD/CAD’s .9850 handle strong or what? For the fourth trading day in a row, the pair was unable to break above the major psychological level as risk appetite tempered the Loonie bears yesterday. USD/CAD reached an intraday high of .9854 before it capped the day at .9798. Read more…

Australian Dollar (AUD)

The Aussie held the Greenback to a stalemate as AUD/USD hardly budged from its opening price. The pair started off by drifting to a low of 1.0326, then climbed to 1.0404 before settling back down at 1.0368, just 5 pips above its opening price. Read more…

New Zealand Dollar (NZD)

That .8300 handle sure is stubborn, isn’t it? NZD/USD just can’t seem to make a break above that major psychological level as it spiked to a high of .8324 but eventually closed at .8281. Will it make another attempt today and will it be a successful one? Read more…

Swiss Franc (CHF)

Score one for the Swissy! The franc was able to cash in some gains against the Greenback yesterday as USD/CHF closed at .9382, 28 pips down from its .9410 day open price. Will the Swissy be able to hold on to its gains and go for more? 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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