Daily Forex Fundamentals – October 26, 2012

What’s on the Economic Horizon

U.S. GDP growth to clock in at 1.9%?
GfK German consumer climate index expected to flatline
Swiss KOF economic barometer seen at 1.66

U.S. Dollar (USD)

Someone’s been hitting the gym! The dollar flexed its muscles against its major counterparts yesterday as it snatched 16 pips away from the euro and stole 48 pips from the yen. Will today’s GDP report extend its gains? Read more…

Euro (EUR)

Thanks to some surprise downgrades by Standard & Poors, the euro once again stumbled in yesterday’s trading action. After hitting a high at 1.3024, EUR/USD dropped sharply, falling all the way down to 1.2945, marking a 16 pip loss for the day. Read more…

British Pound (GBP)

Bravo, old chap! The pound was the king of the currency hill yesterday, as it soared up the charts! GBP/USD rose 101 pips to finish at 1.6131, while GBP/JPY finished a ridiculous 159 pips higher at 129.56. Read more…

Japanese Yen (JPY)

The BOJ must have been going nuts with joy after seeing yesterday’s price action. For the first time since June, USD/JPY crossed above the 80.00 mark, as it climbed 48 pips to 80.31. Why are people dumping the yen? Read more…

Canadian Dollar (CAD)

Still not much action on USD/CAD. After an entire day’s worth of trading, it ended just 9 pips above its opening price. Will today be any different? Read more…

Australian Dollar (AUD)

With no data released, Aussie trading was much more subdued than the past couple of days. AUD/USD traded within a range of 60 pips, and eventually finished the day 1.0360, 22 pips above its opening price. Read more…

New Zealand Dollar (NZD)

Another bullish day for the Kiwi! Thanks in part to better-than-expected trade balance data, NZD/USD found itself revisiting the top of a falling trend line. It ended the day 38 pips higher at .8152. Read more…

Swiss Franc (CHF)

Just like the euro, the franc was off to a solid start, as USD/CHF hit a low of .9290 midway through trading yesterday, but soon stumbled to a poor finish. USD/CHF eventually closed at .9345, up 12 pips above its opening price. 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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