Daily Forex Fundamentals – February 1, 2013

What’s on the Economic Horizon

U.S. Employment Report to Set Today’s Trading Direction
Spanish and Italian PMIs on Deck
U.K. Manufacturing PMI to Fall to 51.0 from 51.4

U.S. Dollar (USD)

The Greenback’s price action was as mixed as a piña colada yesterday. The safe haven Greenback traded steadily against the euro, gave up a lot of ground to the pound, and rallied magnificently versus the yen. Read more…

Euro (EUR)

Despite mixed economic data, the euro was able to sustain its momentum from the day before, as it edged higher versus the dollar and the yen. EUR/USD hit a high at 1.3594 before settling at 1.3574, up 10 pips on the day, while EUR/JPY closed at 124.06, up 34 pips from its opening price. Read more…

British Pound (GBP)

Boom boom pow, baby! The pound extended its gains against the dollar yesterday thanks to positive economic data from the U.K. GBP/USD closed higher, finishing the day at 1.5855 after opening at 1.5797. Read more…

Japanese Yen (JPY)

When will the bleeding stop?!? The yen was badly beaten again yesterday as it gave up ground against other major currencies. The yen lost 34 pips to the euro, 18 pips to the dollar, and 90 pips to the pound. Read more…

Canadian Dollar (CAD)

Make that three in a row for the Loonie! Thanks to strong GDP figures, the Canadian dollar found itself trading back below the 1.000 mark versus the dollar. Will the recent trend continue or are we about to see a Friday comeback? Read more…

Australian Dollar (AUD)

You’ve got to hand it to the Aussie, it sure does know how to fight back! After its abysmal performance on Wednesday, the Aussie said to itself that enough was enough and flexed its muscles yesterday. It began the day at 1.0412 versus the dollar but managed to close 23 pips higher at 1.0435. Read more…

New Zealand Dollar (NZD)

Hey Kiwi you’re so fine, you blow my mind! The comdoll was able to enjoy another day in the green when it finished 30 pips higher at .8388 against the dollar. Read more…

Swiss Franc (CHF)

The Swiss franc kept on chillin’ like a villain in the bulls’ turf in yesterday’s trading. USD/CHF finished lower for another day, closing the day at .9103 from .9106. 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!