What’s on the Economic Horizon
Canadian Trade Deficit Expected to Have Declined by 400 million CAD
U.S. Retail Sales Disappoint Market Expectations
ECB President Draghi’s Optimism Boosts the Euro
U.S. Dollar (USD)
Aaah, there’s nothing like bad data to get the bears attacking. Just ask the dollar! Yesterday, the currency lost to almost all of its major counterparts following the disappointing retail sales report for December. EUR/USD ended the day 120 pips higher at 1.2827 while USD/JPY closed 10 pips below its opening price at 76.79. Read more…
Euro (EUR)
Yesterday turned out to be a really good day for the euro, thanks to ECB President Mario Draghi’s optimistic interest rate statement. EUR/USD, which began the day at 1.2707, found itself trading strongly above the 1.2800 level by the end up of the U.S. trading session. Read more…
British Pound (GBP)
While the other major currencies were bouncing up and down the charts, the pound was chillin’ like ice cream fillin’ against its counterparts yesterday. Guppy capped the day with a nice doji at 117.82, while GBP/USD only rose by 19 pips to 1.5343. Read more…
Japanese Yen (JPY)
The yen’s scorecard in yesterday’s trading was as mixed as glass of margarita. While it was able to post gains against the dollar and the pound, it lost some ground to the euro. EUR/JPY rallied to end the day 80 pips above its opening price at 98.50. Read more…
Canadian Dollar (CAD)
The absence of high profile economic reports on Canada’s economic calendar kept USD/CAD trading within a relatively tight 70-pip range yesterday. USD/CAD ended the day at 1.0191, just two pips lower from its opening price at 1.0193. Read more…
Australian Dollar (AUD)
The Aussie rode the risk appetite tide in yesterday’s trading and surfed up the charts. Opening at 1.0309, AUD/USD traded higher and ended the day at 1.0342. Read more…
New Zealand Dollar (NZD)
Somebody call Happy Pip to tell her she might be missing the bus here! Instead of experiencing a nice rally against the Greenback like the other high-yielding currencies did, NZD/USD actually pared back some of its gains yesterday. The pair fell by 22 pips to .7948 after dropping to an intraday low of .7909. Read more…
Swiss Franc (CHF)
With no reports released from Switzerland yesterday, the franc traded on the price action of its counterparts. EUR/CHF fell by 19 pips to 1.2106, while USD/CHF plunged by a whopping 104 pips to .9438. Boo yeah! Read more…
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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!
