What’s on the Economic Horizon
Federal Reserve Expected to Implement Some Form of Easing
U.K. Labor Figures and BOE Meeting Minutes on Deck
U.S. Dollar (USD)
The safe haven Greenback fell against most major currencies yesterday as the rising equities and commodity prices stoked risk appetite. The U.S. Dollar Index closed the day at 81.88, 0.55 points lower from its opening level during the Asian trading session. Read more…
Euro (EUR)
Who’s the loser now? Despite weak economic reports from the euro zone, the common currency was able to step ahead of its counterparts yesterday. EUR/USD rose by 107 pips, and EUR/JPY clocked in a 68-pip gain. What the heck boosted the euro? Read more…
British Pound (GBP)
“I get knocked out, but I get up again. You’re never gonna keep me down,” sang the pound yesterday as it managed to bounce back up after a weak U.K. CPI release. GBP/USD dipped to a low of 1.5615 then closed at 1.5731 while GBP/JPY ended the day at 124.20. Read more…
Japanese Yen (JPY)
The low-yielding Japanese yen didn’t make any significant moves against the Greenback yesterday and mostly consolidated within a tight range. USD/JPY has been simply bouncing around a 30-pip range for the last 24 hours. However, against the high-yielders like the euro and the pound, the yen was able to post some decent gains. EUR/JPY ended 68 pips higher while GBP/JPY closed 28 pips higher. Read more…
Canadian Dollar (CAD)
SCOOOOOORE!!! After lollygagging around the 1.0200 support, USD/CAD finally broke down and capped the day at 1.0182. So what exactly spurred the Loonie bulls on? Read more…
Australian Dollar (AUD)
Commodity-based currencies like the Aussie were broadly higher yesterday due to risk appetite. It was also supported by speculation that the Fed would implement some form of easing in its upcoming interest rate decision. AUD/USD rose to 1.0191 from 1.0118. Read more…
New Zealand Dollar (NZD)
NZD/USD kept zooming up the charts yesterday as traders started to position themselves ahead of potential QE3 from the Fed. The pair started the day at .7923, jumped to a high of .7991, then closed at .7980. Will the Kiwi be able to hold on to its gains today? Read more…
Swiss Franc (CHF)
Thanks to the debt problems in the euro zone and the prospect of QE3 from the Fed, the Swiss franc was able to pocket a ton of gains in yesterday’s trading as USD/CHF ended nearly a hundred pips down from its .9549 open price. Can the Swissy extend its wins today? 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!
