What’s on the Economic Horizon
U.S. Building Permits and Housing Starts on Deck
BOE MPC Meeting Minutes Expected to Show a 0-0-9 Result
U.S. Dollar (USD)
With risk appetite back in play, you can almost always be certain that the dollar was sold-off heavily yesterday without even looking at the charts. The U.S. dollar index, which tracks the performance of the Greenback versus a basket of major currencies, broke below the major 80.00 and closed the day at 79.83. Read more…
Euro (EUR)
SCOOOOOORE!!! Despite mixed economic data, the euro triple roundhouse kicked its counterparts yesterday. EUR/USD blasted above the 1.3000 major psychological handle, while EUR/JPY rocketed by 106 pips. So what fired up the euro bulls? Read more…
British Pound (GBP)
Bad data? Eh, that ain’t a problem for the pound! Well, at least, it wasn’t in yesterday’s trading. Risk appetite allowed the pound to trade higher against its lower-yielding counterparts. GBP/USD finished the New York session at 1.6116 after opening the day at 1.6071. Read more…
Japanese Yen (JPY)
Similar to the safe haven Greenback, the low-yielding yen experienced a world of hurt yesterday due to risk appetite. Traders sold the currency in favor of higher-yielding, risk-related currencies like the euro and the pound. EUR/JPY jumped to 102.98 from 101.92 while GBP/JPY surged to 127.16 from 126.44. Read more…
Canadian Dollar (CAD)
Darn! The Loonie missed out on the comdoll rally yesterday despite the better-than-expected reports released from Canada. USD/CAD closed 68 pips higher than its open price after tipping an intraday high at .9879. What’s up with that? Read more…
Australian Dollar (AUD)
“Show me the money,” exclaimed the bulls yesterday as they pushed AUD/USD higher. After opening the Asian trading session at 1.0253, the pair rose to an intraday high of 1.0290 before closing the U.S. trading session at 1.0277. Read more…
New Zealand Dollar (NZD)
Look down below! The Kiwi dropped like a rock in yesterday’s trading following the release of New Zealand’s quarterly CPI report. NZD/USD hit a bottom at .8109 before finally closing the day at .8140, 45 pips below its opening price. Read more…
Swiss Franc (CHF)
With risk appetite dominating market sentiment, there was just no stopping the Swiss franc in yesterday’s trading. USD/CHF tapped its 5-month low at .9258 before finally settling at .9258, 72 pips below its opening price. 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!
