Daily Forex Fundamentals – August 1, 2011

What’s on the Economic Horizon
U.S. debt ceiling deadline approaches
EZ unemployment expected to remain at 9.9%
U.K. manufacturing PMI to tick down?

U.S. Dollar (USD)

EPIC FAIL! The dollar was the butt of all jokes last Friday as it ended weaker against all its major counterparts. With U.S. policymakers unable to come to an agreement regarding the debt ceiling and GDP falling below expectations, the dollar was forced to end July on a sour note. Will August be any different? Read more…

Euro (EUR)

Topsy-turvy day for the euro last Friday, as EUR/USD dropped at the start of the London session, but soon recovered on broad USD weakness during the New York session. The pair bottomed out at 1.4229, before bouncing up and closing 1.4365, up 58 pips for the day. Read more…

British Pound (GBP)

After mixed reports were released and after dropping like it’s hot to an intraday low of 1.6261, GBP/USD skyrocketed up the charts to close the day 67 pips higher from its opening price of 1.6413. Now that’s a perfect stop-and-reverse move right there! Read more…

Japanese Yen (JPY)

Save for the Swiss franc, the yen dominated all its major counterparts as risk aversion set in and pushed yen crosses down. USD/JPY dropped 78 pips and closed below 77.00 for the first time since the earthquake. When will the BOJ act to stop the yen’s rise?? Read more…

Canadian Dollar (CAD)

The Loonie’s on a roll, baby! For the first time in over a month, USD/CAD posted three consecutive gains, as the pair closed 39 pips higher to end at .9555. Could this be the start of a bullish run on USD/CAD, or is this merely a retracement? Read more…

Australian Dollar (AUD)

Chillin’ like a villain! The Aussie was practically unmoved against the Greenback last Friday amid weak private sector credit data. AUD/USD dipped to an intraday low of 1.0911 before it rallied to close the day near its opening price at 1.0986. Read more…

New Zealand Dollar (NZD)

“Eat my dust, dollar!” The Kiwi smoked the dollar’s butt on Friday when NZD/USD bounced off support at .8650 and rallied to close just a few pips below its all-time highs at .8789 with a 95-pip win. Read more…

Swiss Franc (CHF)

Oh Swissy, you’re so fine, you blow my mind! The currency once again posted new highs against the euro and the dollar. EUR/CHF ended the day 165 pips lower from its opening price at 1.1308 while USD/CHF closed 234 pips below the week open price at .7872. 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!