Daily Forex Fundamentals – September 8, 2011

What’s on the Economic Horizon
BOE to keep rates on hold at 0.5%
ECB rate decision scheduled today
U.S. trade deficit probably narrowed in July

U.S. Dollar (USD)

Ahh, all good things must come to an end. The Greenback’s winning streak came to a close yesterday as risk appetite improved. The commodity currencies outpaced the U.S. dollar, which consolidated against the Swiss franc. USD/JPY closed at 77.28 while EUR/USD ended 4 pips above the 1.4100 handle. Read more…

Euro (EUR)

“Hold up, wait a minute, let me get some pips up in it!” The euro finally put an end to its 6-day losing streak and won a victory over the dollar. With positive economic data and good news from Italy and Germany backing its rise, EUR/USD rose 97 pips to finish at the 1.4100 major psychological handle. Read more…

British Pound (GBP)

Though GBP/USD finally got a breather from its slide yesterday, the pound continued its losses against its other counterparts. GBP/JPY closed 39 pips down at 123.49, while EUR/GBP rose to .8824. What happened? Read more…

Japanese Yen (JPY)

You can’t win ’em all, can you? The Japanese yen may have outpaced the Greenback and the British pound yesterday but it lagged behind its higher-yielding counterparts. USD/JPY landed 40 pips down from its 77.68 open price, but EUR/JPY jumped from a low of 108.28 to close right at the 109.00 mark. Is the yen in for another round of losses today? Read more…

Canadian Dollar (CAD)

Finally, after four straight days of tasting defeat, the Loonie squeezes in a win against the Greenback! Though the BOC rate statement wasn’t so Loonie-bullish, the Ivey PMI provided enough support for the Canadian currency. As a result, USD/CAD slipped from an intraday high of .9910 to finish 43 pips lower on the day at .9855. Read more…

Australian Dollar (AUD)

Up, up, here we go! The Aussie zoomed up the charts yesterday and gained against the Greenback and the Japanese yen, thanks to strong economic data from the Land Down Under. AUD/USD rallied by roughly 135 pips from its 1.0513 open price while AUD/JPY closed 30 pips above the 82.00 handle. Can it go for more wins today? Read more…

New Zealand Dollar (NZD)

With New Zealand’s economic docket empty yesterday, NZD/USD was exposed to risk appetite flows. Risk appetite in markets sent the pair to an intraday high of .8326 before it capped the day with a 83-pip gain at .8304. Boo yeah! Read more…

Swiss Franc (CHF)

Judging by the franc’s price action yesterday, it seems like even the term “consolidation” is an overstatement. The franc’s price action was a complete snoozer! EUR/CHF crawled by another 52 pips higher at 1.2109, while USD/CHF slipped by 28 pips to .8583. 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!