Daily Forex Fundamentals – October 4, 2012

What’s on the Economic Horizon

BOE expected to hold rates at 0.50%
ECB rate statement set to rock the markets
QE3 meeting minutes on tap

U.S. Dollar (USD)

With the help of a couple of upbeat reports, the dollar scored a few blows against its major counterparts, but it was by no means a knockout victory. It snatched 15 pips away from the euro to take EUR/USD to 1.2903, while stealing 40 pips away from the yen to carry USD/JPY up to 78.52. Read more…

Euro (EUR)

Could this be the calm before the storm? EUR/USD stayed within a range yesterday, as it failed to establish and new highs or lows. The pair ended up closing at 1.2903, just 15 pips below its opening price. Read more…

British Pound (GBP)

Another day in the red! The pound was unable to fight back against the Greenback yesterday as GBP/USD closed at 1.6072, 66 pips down from its 1.6138 open price. GBP/JPY, on the other hand, edged slightly higher as it ended the day 20 pips above the 126.00 handle. Read more…

Japanese Yen (JPY)

The yen gave up a lot of ground to its major counterparts yesterday as both USD/JPY and EUR/JPY climbed 40 pips. Can’t the yen get any love? Read more…

Canadian Dollar (CAD)

With risk aversion swaying the markets, USD/CAD broke higher and set new highs. The pair topped out at .9885 before settling at .9980, up 37 pips from its opening price. Could we see more of the same today? Read more…

Australian Dollar (AUD)

The Aussie continued its sharp slide down the charts as Australian trade balance data failed to give the currency a boost. After opening at 1.0261, AUD/USD headed straight down the charts to consolidate just above the 1.0200 handle. It eventually settled at 1.0204 at the end of the day. Read more…

New Zealand Dollar (NZD)

The Kiwi was off to a weak start as it plummeted during the Asian and London sessions, but managed to rebound towards the end of the U.S. session. Despite that, NZD/USD still ended the day in the red as it closed at .8183. Read more…

Swiss Franc (CHF)

After two consecutive days of rallying against the U.S. dollar, the Swiss franc had to take a break yesterday as USD/CHF closed in the green. The pair closed at .9387, 22 pips up from its .9365 open price. Will the franc be able to bounce back today? 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!