Daily Forex Fundamentals – October 24, 2013

What’s on the Economic Horizon
German and French PMIs to show more improvements?
U.K. CBI industrial orders expectations due today
Chinese HSBC flash manufacturing PMI at 50.9

U.S. Dollar (USD)

Rally and reverse! The safe-haven U.S. dollar took advantage of risk aversion during the Asian and London sessions but gave up most of its intraday gains when the U.S. session rolled along. What were those moves all about?! Read more…

Euro (EUR)

Risk off? Pfft, who cares? The euro was sold off against the lower-yielding U.S. dollar and Japanese yen earlier on but the shared currency made a quick recovery before the end of the U.S. session. EUR/USD slipped from a high of 1.3794 to a low of 1.3741 before bouncing back towards the 1.3800 handle. Read more…

British Pound (GBP)

Why, thank you BOE! Upbeat remarks from the British central bank helped the pound recover from its recent selloff, as GBP/USD bounced from a low of 1.6127 back above the 1.6200 mark and GBP/JPY managed to hold on to the 157.50 mark. Read more…

Japanese Yen (JPY)

Out of the way! Yen bulls charging! The Japanese currency received a strong boost from risk aversion and updates from China in yesterday’s Tokyo session, pushing USD/JPY below the 97.50 handle and EUR/JPY to a low of 133.60. Can the yen keep up its rallies today? Read more…

Canadian Dollar (CAD)

Bet you didn’t see that one coming, did you? Thanks to the downbeat BOC rate statement, USD/CAD staged a strong rally towards the 1.0400 handle in yesterday’s New York session. The pair broke above its consolidation around 1.0300 and reached a high of 1.0398. Can it go for more gains today? Read more…

Australian Dollar (AUD)

Wipeout! The Australian dollar gave up a lot of ground in yesterday’s trading, as AUD/USD retreated upon reaching the .9750 level and tumbled to a low of .9608. AUD/JPY also had its share of losses, as it slipped below the 94.00 handle. Read more…

New Zealand Dollar (NZD)

The Kiwi was defenseless against risk aversion yesterday, as NZD/USD plummeted from a high of .8544 to a low of .8371 in a span of a few hours. It appears to be recovering in today’s Asian session but it remains to be seen whether it can climb back to its recent highs or not. What’s in store for the Kiwi today? Read more…

Swiss Franc (CHF)

The floodgates have opened! After USD/CHF broke below the .9000 major psychological support level, there seems to be no stopping its decline. The pair made another strong break below consolidation and traded to a low of .8911. How low can it go? 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!