What’s on the Economic Horizon
U.S. Preliminary GDP and Pending Home Sales Due Today
KOF Economic Barometer Expected to Print Slightly Higher
Construction Work in Australia Falls by 0.2%
U.S. Dollar (USD)
Not today, boys! The dollar bulls weren’t strong enough to outmuscle the bears yesterday as traders priced in a QE3 announcement from the Fed. Heck, the Greenback fell against the euro, pound, yen, and even the franc! Does this mean that QE3 is a done deal? Read more…
Euro (EUR)
Redemption was the name of the game for the euro yesterday (not in the same way that Metta World Peace changed his name to Military Industrial Complex). EUR/USD skyrocketed higher to end the day 69 pips above its opening price at 1.2568. Meanwhile, after EUR/JPY bottomed at 97.89, it rallied higher to close the day at 98.69. Read more…
British Pound (GBP)
The pound’s price action yesterday was as mixed as a bag of nuts. While it was able to rally versus the safe haven dollar after an extremely disappointing CB Consumer Confidence survey, the pound fell was sold-off against the euro after the successful Spanish debt auction. The pound marked a 31-pip gain over the dollar but also posted a 28-pip loss versus the euro. Read more…
Japanese Yen (JPY)
With barely any economic data from Japan, the yen showed mixed price action against its counterparts. USD/JPY fell by 24 pips to 78.52, but EUR/JPY capped the day at 98.69 after hitting an intraday low of 97.89. Read more…
Canadian Dollar (CAD)
The Loonie continued to get more lovin’ in yesterday’s trading. Before closing the day with a 30-pip win against the dollar at .9878, it was able to tap an intraday high of .9842. Read more…
Australian Dollar (AUD)
Phew, that was a close one! The Aussie took a hit from the Greenback early in the day, but AUD/USD was able to finish the day up 36 pips from its intraday low. How did the Aussie bulls do it? Read more…
New Zealand Dollar (NZD)
Due to bad news from Australia, NZD/USD was unable to recover from its decline and actually extended its losing streak to three yesterday. NZD/USD, which began the day at .8086, found itself suffering at .8046 by the end of the U.S. trading session. Read more…
Swiss Franc (CHF)
The Swiss franc was able to stage a nice 46-pip run versus the dollar yesterday, thanks to a highly successful Spanish bond auction. Additionally, the Swiss National Bank (SNB) is believed to have accumulated all the euros that it intends to, and will now ease on defending the EUR/CHF peg. 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!
