Daily Forex Fundamentals – October 6, 2011

What’s on the Economic Horizon

BOE to keep interest rates steady?
ECB’s Trichet to make his last interest rate speech as ECB head
U.S. employment reports showed more weakness

U.S. Dollar (USD)

Are the good times over for the dollar bulls, or are they just taking a breather? The dollar ran into a one-two punch against its counterparts yesterday as both risk appetite and weak U.S. data weighed on the Greenback. EUR/USD showed a 24-pip gain at 1.3345, while USD/JPY Read more…

Euro (EUR)

The euro had a mixed performance yesterday as it pocketed some gains against the Greenback but ended in stalemate against the Japanese yen. EUR/USD landed 24 pips up from its 1.3321 open price while EUR/JPY closed Read more…

British Pound (GBP)

What do you get when you mix positive services data with a lower-than-expected final GDP? Mixed results! While the British pound ended the day higher against the Greenback, it only managed to salvage draws against the euro and the yen. Will today’s rate statement lift it against its major counterparts? Read more…

Japanese Yen (JPY)

With risk appetite supporting high-yielding currencies, you can bet your iPhone 4-soon-to-be-4S that the yen is going to lose some pips! EUR/JPY capped the day near break even after dropping to an intraday low of 101.62, while GBP/JPY also Read more…

Canadian Dollar (CAD)

Let’s go, Loonie, let’s go! Thanks to the rebound in risk appetite, the Canadian dollar was able to score some gains against the Greenback yesterday. USD/CAD closed right smack at the 1.0400 handle, 150 pips below Read more…

Australian Dollar (AUD)

Looks like things are picking up in the Land Down Under! The sixth day turned out to be the charm for the Aussie bulls as AUD/USD closed in the green yesterday after losing ground for the past five days. AUD/USD even reached an Read more…

New Zealand Dollar (NZD)

Thank you, risk appetite! As risk sentiment improved, the Kiwi and its comdoll brethren found the strength to climb up the charts. As a result, NZD/USD ended the day 59 pips higher at .7661. That’s two in a row now, baby! Read more…

Swiss Franc (CHF)

The Swiss franc found no love yesterday as it was sold off against its two major counterparts. While USD/CHF scrambled up 27 pips to .9236, EUR/CHF rallied 59 pips to close at 1.2326. Will the franc 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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