What’s on the Economic Horizon
German Ifo business climate index probably dropped this month
Canadian inflation reports due today
U.S. Dollar (USD)
The dollar bulls returned in full force yesterday as a chockfull of weak data from the U.S. and other parts of the world hurt risk sentiment. The U.S. dollar index which tracks the performance of the Greenback versus a basket of currencies rose to end the U.S. trading session at 82.81, 0.84 points from its opening level that day. Read more…
Euro (EUR)
Geronimoooo!!! After enjoying days of consecutive gains against its counterparts, the euro bulls finally cried uncle. EUR/USD plunged by a whopping 137 pips, while EUR/JPY also received an 89-pip blow. So what burst the bulls’ bubble? Read more…
British Pound (GBP)
Despite the strong retail sales data, the pound was unable to hold its own against the safe haven dollar yesterday. Risk aversion reared its head in the foreign exchange market again, which allowed the pound bears to just sell, sell, and sell! GBP/USD, which began the day at 1.5704, found itself 118 pips lower at the end of the U.S. trading session at 1.5586. Read more…
Japanese Yen (JPY)
The yen took a big hit yesterday as speculations of more monetary easing from the Bank of Japan (BOJ) rose. According to news reports, lawmakers could pass a tax hike that could give the central bank a bit of room to ease further. Read more…
Canadian Dollar (CAD)
Party’s over, boys! Thanks to weak economic data and risk aversion in markets, the Loonie pared back its intraweek gains against the Greenback. USD/CAD shot up by a neat 100 pips and capped the day at 1.0293. What the heck happened? Read more…
Australian Dollar (AUD)
It that a bird? Is that a plane? No, it’s just the Aussie crashing and burning! Yesterday, the Aussie was sold-off heavily across the board as risk aversion hit the forex market. AUD/USD posted a 145-pip drop while AUD/JPY clocked in a 33-pip defeat. Read more…
New Zealand Dollar (NZD)
For the second straight day, the Kiwi suffered defeat under the strength of the mighty Greenback. Due to risk aversion, NZD/USD, which began the day .7941, saw itself trading 87 pips lower by the end of the U.S. trading session. Read more…
Swiss Franc (CHF)
After struggling to stay below the .9500 handle, USD/CHF finally gave in to risk aversion and soared to a high of .9573 yesterday. Falling gold prices, as well as weak U.S. data, weighed heavily down heavily on the Swissy yesterday. 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!
