Daily Forex Fundamentals – October 8, 2012

What’s on the Economic Horizon
U.S. banks closed in observance of Columbus Day
Swiss CPI expected to rise by 0.3% in Sept
Eurogroup meetings to start today

U.S. Dollar (USD)

If you were expecting fireworks during NFP Friday, then you were right! Thanks to much stronger than expected U.S. jobs data, the U.S. dollar staged a stellar rally during the release. Let’s take a look at how the employment numbers turned out! Read more…

Euro (EUR)

With the markets still enjoying a nice risk rally, the euro was able to keep its head above water and hold onto its gains from Thursday. EUR/USD made its way up another 11 pips to end the week at 1.3030, while EUR/JPY marched up 37 pips to 102.50. Read more…

British Pound (GBP)

Hey Mr. Pound, how’s that Friday hangover? With nothing to support its cause, the pound sank to end the week, falling 61 pips to finish at 1.6130. Will we see a similar result in today’s trading wars? Read more…

Japanese Yen (JPY)

Last Friday, the Japanese yen ended higher against most of its major counterparts, except for the U.S. dollar which benefitted from the upbeat NFP report. USD/JPY closed at 78.67 while EUR/JPY ended the day at the 102.50 minor psychological level. Read more…

Canadian Dollar (CAD)

The Loonie followed up its big rally on Thursday with another winner as the markets’ risk appetite continued to fuel demand for the Canadian currency. After trading as low as .9735, USD/CAD greeted the weekend at .9789, 16 pips below its opening price. Read more…

Australian Dollar (AUD)

After consolidating briefly above the 1.0250 minor psychological support during the Asian and London sessions, AUD/USD dropped like a rock during the release of the NFP figure during the U.S. session. The pair dipped to a low of 1.0152 before it closed at 1.0169. Read more…

New Zealand Dollar (NZD)

That’s what you call a wipeout! Just like its comdoll sibling the Aussie, the Kiwi sank on Friday, as NZD/USD fell 47 pips to close at .8171. Can the Kiwi bulls bounce back? Read more…

Swiss Franc (CHF)

Unlike the rest of the forex market, USD/CHF was pretty chill on Friday, as the pair pretty much stuck within its daily range. USD/CHF traded within a range of 50 pips, and eventually ended the day at .9297, down just 8 pips from 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!