Daily Forex Fundamentals – April 20, 2012

What’s on the Economic Horizon

German IFO Business Climate Expected to Fall to 109.6 from 109.8
U.K. Retail Sales to Show a 0.4% Gain
Canadian Inflation Data on Deck

U.S. Dollar (USD)

Despite the amount of high profile economic events yesterday, the Greenback was unable to pick a direction. It simply traded within tight ranges versus other major currencies, with the U.S. dollar index ending the day barely changed at the 80.03 level. Read more…

Euro (EUR)

Phew! The euro bulls experienced huge sighs of relief yesterday when the Spanish bond auctions didn’t turn out as bad as many had expected. EUR/USD even sneaked in a 19-pip gain to 1.3135, while EUR/JPY jumped by 59 pips to 107.15. Boo yeah! Read more…

British Pound (GBP)

Talk about reaching new highs! Nope, that has nothing to do with today being 4/20. I’m talking about the pound tapping a new five-month high against the dollar at 1.6078 before closing the day with a 38-pip win at 1.6058! Boo yeah! Against the euro, it also rallied to its highest level in 20 months at .8161. Read more…

Japanese Yen (JPY)

Uh oh… For the third straight day, the yen bears put the hurt on the yen bulls. USD/JPY, for instance, climbed to 81.58 after it had opened the Asian trading session at 81.25. Read more…

Canadian Dollar (CAD)

Have the Loonie bulls packed for an early weekend? Though no report was released from Canada, a decline in risk appetite weighed on the comdoll and boosted USD/CAD by 38 pips to .9952. Can you guess what influenced the Loonie bears to take over? Read more…

Australian Dollar (AUD)

AUD/USD traded in range between 1.0313 and 1.0381 yesterday, ultimately ending the day lower on the heels of weaker equities. The pair closed the day at 1.0336, down 13 pips from its opening price. Read more…

New Zealand Dollar (NZD)

The Kiwi failed to take flight on the charts yesterday. NZD/USD rallied to an intraday high of .8198 before tumbling down and closing the day 5 pips below its opening price at .8143. Read more…

Swiss Franc (CHF)

The Swiss franc continued to range like a Range Rover, trading against the dollar yesterday. USD/CHF spiked up to .9196 at the wake of the release of Spain’s bond auction results. It then quickly traded lower and ended the day near this week’s lows at .9152. Read more…

Brad and Angelina, banana and peanut butter, yin nd yan. 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.

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