Daily Forex Fundamentals – October 24, 2012

What’s on the Economic Horizon

Fed Expected to Make No Changes on Monetary Policy
Euro zone PMIs on Deck
Australian Quarterly CPI Smashes Forecast

U.S. Dollar (USD)

Total domination! These are the two words that could perfectly describe the Greenback’s price action yesterday. The currency, for instance, posted significant gains versus both the euro and the pound, climbing 76 pips and 58 pips respectively. Read more…

Euro (EUR)

Timberrr! Thanks to weak economic reports and a surprise from Moody’s, the euro fell like a log against its counterparts yesterday. EUR/USD slipped by 76 pips while EUR/JPY also fell by 75 pips. What the heck happened? Read more…

British Pound (GBP)

Tough day at work for the pound! GBP/USD ended the day in the red as it closed at 1.5951, 58 pips down from its 1.6009 open price, while GBP/JPY dipped 5 pips below the 127.00 handle before closing at 127.33. Will today be any better for the pound? Read more…

Japanese Yen (JPY)

If you’re a range trader, then I’m sure you enjoyed USD/JPY’s price action yesterday. USD/JPY, after it had opened the Asian trading session at 79.93, moved horizontally the entire day, finding support at 79.70 and resistance at the 80.00 handle. The pair closed the U.S. trading session at 79.85. Read more…

Canadian Dollar (CAD)

The BOC participated in an early trick-or-treat game yesterday as they surprised the markets by keeping their hawkish feathers. As a result, the Loonie steadied against the Greenback despite the risk aversion and falling oil prices in the markets. What a treat, eh? Read more…

Australian Dollar (AUD)

No thanks to increased risk aversion, the Aussie experienced a huge sell-off yesterday. AUD/USD opened the day at 1.0318 but the pair eventually found itself at 1.0262 by the end of the U.S. trading session. Read more…

New Zealand Dollar (NZD)

The Kiwi had its wings clipped yesterday as NZD/USD plummeted from its .8175 open price to a low of .8101 before closing at .8117. What the heck happened and will the Kiwi have a chance to recover today? Read more…

Swiss Franc (CHF)

Thanks to the slide in European and U.S. equities, the Swiss franc lost a lot of ground to the Greenback during yesterday’s trading. USD/CHF started off at .9270, rallied to a high of .9344, then closed at .9329. What’s in store for the franc today? 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!