Daily Forex Fundamentals – October 24, 2011

What’s on the Economic Horizon

BOC: To Become More Bullish Because of Strong CPI?
Euro Zone PMI Readings Coming Your Way
BOJ To Intervene Soon?

U.S. Dollar (USD)

Without any economic data on tap, the dollar crashed and burned on the charts on Friday. EUR/USD ended the day 114 pips higher at 1.3897, while USD/JPY closed 70 pips below its opening price at 76.14. Read more…

Euro (EUR)

The euro’s price action last Friday can be summed up in one word: hope. Thanks to the hope of a coming solution to the EU’s debt crisis, the currency was able to rally across the board, with EUR/USD testing the 1.3900 handle once again. Read more…

British Pound (GBP)

October isn’t over yet, but the pound bulls received their treats early! The release of positive U.K. economic data and a round of risk appetite in markets pushed the pound higher against its counterparts. GBP/USD jumped to a six-week high at 1.5960, while EUR/GBP closed 18 pips below its open price. Read more…

Japanese Yen (JPY)

Thanks to market sentiment, the yen was able to sumo-wrestle pips out of its counterparts in Friday’s trading. USD/JPY plunged to a new low of 75.83 before ending the day at 76.14, 70 pips below its opening price. Meanwhile, EUR/JPY closed with an 11-pip loss. Read more…

Canadian Dollar (CAD)

The Loonie received a lot of loving last Friday as risk appetite made a strong comeback. By the end of the U.S. trading session, USD/CAD, which started the day at 1.0151, was found sitting pretty 66 pips lower at 1.0085. Good job Loonie bulls! Read more…

Australian Dollar (AUD)

3-2-1… Blast off! The Aussie skyrocketed up the charts on Friday, thanks to renewed optimism on the European debt crisis. AUD/USD opened at 1.0242 and closed around its weekly high at 1.0349. Read more…

New Zealand Dollar (NZD)

Back-to-back, baby! The Kiwi capped the week with a back-to-back win against the Greenback last Friday when a positive credit card spending report and a risk-on environment in the markets pushed high-yielding currencies higher across the board. NZD/USD found support at the .7900 handle before it shot up to a closing price of .8028. Boo yeah! Read more…

Swiss Franc (CHF)

Who needs an economic report when the demand for the franc is as strong as it was last Friday? Thanks to dollar aversion, USD/CHF plunged by 131 pips to .8088 after hitting an intraday high of .8953. Meanwhile, the euro’s rally didn’t extend to EUR/CHF as it slipped by 80 pips and ended the week at 1.2240. 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!