Daily Forex Fundamentals – September 7, 2011

What’s on the Economic Horizon

German High Court to Vote on Bailout Participation
U.K. Manufacturing Production to Have Risen by 0.1%
BOC to Announce Decision on Interest Rates at 1:00 pm GMT

U.S. Dollar (USD)

What can stop the Greenback’s rally right now? Nothing, it seems. On Monday, the Greenback rose due to increased risk aversion. Yesterday, the reason was a very positive ISM-non manufacturing survey. The U.S. dollar index, which tracks the performance of the Greenback versus other major currencies, won for the sixth straight day and closed the U.S. trading session at the 76.34 level. Read more…

Euro (EUR)

Look down beloooooow!!! Even though the Swiss National Bank put its foot down on EUR/CHF price action, the euro still lost against the Greenback, another safe haven. With all the hoopla going on in the euro zone, who could blame investors for wanting to short the euro? Read more…

British Pound (GBP)

If there’s one major currency that sure knows how to drop it low, it’s the pound! GBP/USD edged below the 1.6000 major psychological handle and closed at 1.5947. Meanwhile, GBP/JPY was unable to hold on to the 125.00 handle and ended at 123.87. Will we continue to see more pound weakness today? Read more…

Japanese Yen (JPY)

Up and down the yen went, where it ended up… I know! Yesterday, the yen had gone all over the place versus other major currencies but eventually ended the U.S. trading session just where it started. EUR/JPY, for instance, went as high as 125.00 from its opening price at 123.91, but closed the day at 123.89. Read more…

Canadian Dollar (CAD)

Whew! Unlike its other comdoll buddies, the Loonie held steady (and even sneaked a few pips) against the Greenback despite the crazy volatility in markets yesterday. USD/CAD tipped an intraday high of .9964 before it leveled off with a 9-pip loss at .9898. Read more…

Australian Dollar (AUD)

If you love roller coasters, then you probably have been enjoying trading the Aussie! Due to the amount of high profile economic events in the past 24 hours, the Aussie has exhibited a lot of movement across the board. AUD/USD, for instance, rallied above 1.0600 from 1.0547, fell back down below 1.0500 and then rose to 1.0580! Read more…

New Zealand Dollar (NZD)

And just like that, the Kiwi’s losing streak continues! The New Zealand dollar chalked up another day of losses against the Greenback and extended its losing streak to five days. NZD/USD opened 19 pips above the .8319 handle but sank to a low of .8206 and closed at .8220. Is it going for six days in the red? Read more…

Swiss Franc (CHF)

Did those wild Swissy moves catch you by surprise? EUR/CHF jumped by more than a THOUSAND pips from its 1.1019 low to a high of 1.2188 yesterday while USD/CHF skyrocketed past the .8500 handle. Read on to find out why this happened. 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!