Daily Forex Fundamentals – September 21, 2011

What’s on the Economic Horizon

The Fed Due To Announce Plans To Boost Economy
Canadian Inflation Figures on Deck
BOE Meeting Minutes On The Clock
Kiwi Economy Grew By 0.5% Last Quarter?
SNB To Peg EUR/CHF at 1.2500?

U.S. Dollar (USD)

After reaching a high of 1.3593 against the euro, the dollar pared its gains and EUR/USD ended the day just 18 pips below its opening price at 1.3671. Against the yen, the dollar gave up 8 pips as USD/JPY closed at 76.45 yesterday. Uh oh, is the dollar rally losing steam already? Read more…

Euro (EUR)

Despite the mixed economic data from the euro zone, the bulls were still able to make significant headway versus the euro’s major currency counterparts. Thanks to the rumors of an SNB intervention, EUR/CHF was able to rise a solid 87 pips and EUR/USD managed to recover the losses it incurred during the Asian session and end the day with just a small loss. Read more…

British Pound (GBP)

With no biggies coming out from the U.K., pound pairs stayed in range, failing to make any new significant highs or lows. GBP/USD managed to close 30 pips higher at 1.5730, while GBP/JPY ended the day right smack at its opening price of 120.15. Read more…

Japanese Yen (JPY)

No data? No problem! The yen managed to make pip-sushi out of most of its major counterparts during yesterday’s trading despite the lack of economic reports from Japan. USD/JPY ended the day 8 pips below its opening price at 76.45 and EUR/JPY closed 32 pips lower at 104.42.Read more…

Canadian Dollar (CAD)

Due to disappointing data from Canada, the Loonie was unable to post some gains over its major currency competitors yesterday. The Loonie gave up 21 to the safe haven Greenback and 44 pips to the low-yielding yen. With the negative forecast on Canada’s CPI, will we see the Loonie continue to fall? Read more…

Australian Dollar (AUD)

Cowabunga! The Aussie surfed up the charts after it dropped to its intraday low of 1.0148 against the dollar. It traded all the way up to its closing price of 1.0249 which was 16 pips above its opening price. Read more…

New Zealand Dollar (NZD)

After a poor start to the day, the Kiwi managed to salvage some pride and erased some of its early losses. After hitting an intraday low at .8164, NZD/USD recovered during the New York session and finished at .8216, marking a 42-pip loss on the day. Read more…

Swiss Franc (CHF)

Well how about that? Just when you thought the SNB was done mucking up the markets, rumors of another intervention hit the airwaves! EUR/CHF shot up to as high as 1.2213, before settling at 1.2151, marking an 87-pip gain on the day. 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!