Daily Forex Fundamentals – September 9, 2011

What’s on the Economic Horizon

U.K. PPI figures on tap
G7 set to meet
Canadian unemployment rate to rise?

U.S. Dollar (USD)

The dollar FTW!!! Thanks to a serious case of risk aversion and Bernanke’s dovish words, the dollar emerged as one of yesterday’s strongest currencies. It strengthened against almost all its major counterparts, most notably against the euro. EUR/USD fell 114 pips from its opening price of 1.4104. Read more…

Euro (EUR)

Boy, did the euro bulls have a bad day yesterday! As soon as EUR/USD opened at 1.4104, it was all downhill for the shared currency. The pair traded straight down all the way to its closing price at 1.3890. Against the yen, the euro lost 137 pips as EUR/JPY ended the day at 107.62. Read more…

British Pound (GBP)

Mixed results for the pound yesterday as it pummeled the euro but failed to gain against the dollar. EUR/GBP dropped 130 pips to close just below the .8700 handle, while GBP/USD closed 9 pips lower at 1.5970, after trading as high as 1.6084 midway through the New York session. Read more…

Japanese Yen (JPY)

Mixed results for the safe-haven yen! While risk aversion gave it a lift against most of its counterparts, it weakened against the dollar, the pound, and the Kiwi! Will we get more of the same today? Read more…

Canadian Dollar (CAD)

Curse you, risk aversion! Despite positive data from Canada, the Loonie still wasn’t able to end the day with a win against the Greenback. USD/CAD ended the day higher at .9880 after opening at .9855. Boo! Read more…

Australian Dollar (AUD)

Tiiiiiiimbeeeeer! It seems as though the Aussie had only rallied on Wednesday in order to set up its big fall yesterday! AUD/USD fell from an intraday high of 1.0662 to finish the day at 1.0579 as it couldn’t overcome the bearishness that came with disappointing Australian employment data. Not cool, Aussie, not cool! Read more…

New Zealand Dollar (NZD)

Even with risk aversion weighing on the markets, the New Zealand dollar managed to stay afloat versus the dollar. The Kiwi closed yesterday at .8318, marking a 15-pip gain on the day. Can the Kiwi fly higher to end the week? Read more…

Swiss Franc (CHF)

The franc continued to weaken in the aftermath of the SNB’s decision to peg EUR/CHF at 1.2000. After opening at 1.2101, EUR/CHF rose 146 pips to close at 1.2152. Ouch! Read more…

Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.

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Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!