Daily Forex Fundamentals – October 28, 2011

What’s on the Economic Horizon
Japanese household spending down by 1.9% y/y
Swiss KOF economic barometer due today
UoM consumer sentiment to improve in Oct

U.S. Dollar (USD)

The U.S. dollar lost ground to its major counterparts as risk appetite popped its head back in the markets yesterday. USD/JPY dipped to a new low of 75.66 while EUR/USD soared past the 1.4000 handle to a high of 1.4248. Will the Greenback take another beating from the higher-yielding currencies today? Read more…

Euro (EUR)

“Wow.” That’s really all you can say after seeing the euro’s price action yesterday. For the first time since early in September, EUR/USD traded above the 1.4200 handle. The euro posted a 281-pip gain against the dollar after European Union officials finally announced their rescue package. Will the euro extend its gains today? Read more…

British Pound (GBP)

The currency bulls partied in the streets yesterday, and the pound bulls definitely had a good time! While EUR/GBP rose by 107 pips to .8813, GBP/USD also went up by 125 pips to 1.6097. GBP/JPY even went from an intraday low of 121.13 and finished the day at 122.24! Read more…

Japanese Yen (JPY)

Boo hoo! The Japanese yen got clobbered by its higher-yielding counterparts as risk appetite surged yesterday. Its only win was against the safe-haven U.S. dollar as USD/JPY closed 4 pips below the 76.00 handle. Read on to find out whether the yen could get back on its feet today or not. Read more…

Canadian Dollar (CAD)

Now that’s how you execute a 1-2 punch! The Loonie followed up its awesome performance on Wednesday with an equally impressive 135-pip rally against the Greenback. In the end, the USD/CAD closed below parity at .9913. Booyeah! Read more…

Australian Dollar (AUD)

Surf’s up, mate! The Aussie rode the wave of risk appetite like a boss yesterday, with AUD/USD catching more than 300 pips in gains. AUD/JPY was also able to take advantage of the risk rallies as it closed more than 200 pips up from its 79.29 open price. Read more…

New Zealand Dollar (NZD)

Wham, bam, thank you risk appetite! Thanks to the debt deal reached by the European leaders, NZD/USD rocketed by 262 pips and capped the day at .8206. Boo yeah! Read more…

Swiss Franc (CHF)

It was a day of pip-giving for the currencies yesterday, and, strangely enough, the franc was no exception! While USD/CHF’s 203-pip plunge to .8807 is not surprising for many, EUR/CHF also slipped by 41 pips and closed at 1.2210. 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!