Daily Forex Fundamentals – September 17, 2012

What’s on the Economic Horizon

Japan on bank holiday
Euro zone current account on tap
Empire State Manufacturing Index seen at -1.9

U.S. Dollar (USD)

The bleeding didn’t stop last Friday as the dollar extended its losses against its major counterparts. While EUR/USD found itself 131 pips higher at 1.3120, GBP/USD managed to climb 76 pips to greet the weekend at 1.6227. Read more…

Euro (EUR)

Can you say, on a roll? The euro killed it like a Kanye West single, as it soared up the charts last Friday. EUR/USD closed higher for the fourth consecutive day, rising 131 pips to finish at 1.3120. Meanwhile, the euro bulls took advantage of yen weakness, pushing EUR/JPY to new highs at 102.84, 213 pips above Friday’s opening price. Read more…

British Pound (GBP)

Despite the lack of economic reports, the pound still managed to rake in pips in Friday’s trading. GBP/USD rallied past the 1.6200 handle after opening at 1.6151. By the end of the New York session, the pair had settled at 1.6227. Read more…

Japanese Yen (JPY)

Trading on yen pairs was extremely one-sided as the Japanese currency was dumped like a hot potato last Friday. With the markets engaging in a strong risk rally, USD/JPY rallied 86 pips to end the day at 78.39, while EUR/JPY rallied 213 pips to 102.84. Read more…

Canadian Dollar (CAD)

This is why you don’t count your chickens before they hatch! The Canadian dollar looked like it was gonna continue to dominate the dollar, as USD/CAD set a new low at .9633 last Friday. However, the Canadian dollar lost all momentum, as the dollar came roaring back during the New York session. By the end of the day, USD/CAD closed at .9706, up 23 pips from its opening price. Read more…

Australian Dollar (AUD)

For the fourth straight day, the Aussie extended its gains against the Greenback, though the rally on AUD/USD wasn’t as pronounced as what we saw on other major pairs. The pair made it to a high of 1.0626 before it settled back down to 1.0555, just 13 pips above the day’s opening price. Read more…

New Zealand Dollar (NZD)

After soaring to its 5-month highs at .8354 against the dollar, the Kiwi soon found itself flightless in the New York session. NZD/USD then ended the week’s trading with a 3-pip loss for Friday at .8299. Read more…

Swiss Franc (CHF)

On Friday, USD/CHF continued to drop on the charts like it’s hot! The pair opened at .9348 and traded lower all the way down to .9239 before closing the day at .9270. Way to go, 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!