Daily Forex Fundamentals – August 1, 2012

What’s on the Economic Horizon

FOMC Statement Just Around the Corner
EZ Manufacturing PMI Due Today
U.K. Manufacturing PMI: Expect No Change

U.S. Dollar (USD)

Mixed results for the scrila yesterday, as it edged ahead of the pound and the comdolls, but struggled against the euro and franc. Could we see more convincing moves today as the FOMC makes its interest rate decision? Read more…

Euro (EUR)

Bad data? Ha! That ain’t no problem for the euro. Well, at least not in yesterday’s trading. EUR/USD traded higher despite disappointing consumer spending reports from Germany and France. The pair finished 45 pips above its opening price at 1.2304 by the end of the New York session. Read more…

British Pound (GBP)

Down she goes! The pound traded lower against most of its counterparts yesterday following the release of worse than expected data from the U.K. GBP/USD dipped to an intraday low of 1.5673 before ending the day 17 pips below its opening price at 1.5711. Meanwhile, GBP/JPY finished with a 60-pip loss for the day at 122.84. Read more…

Japanese Yen (JPY)

Just like the dollar pairs, yen pairs were all over the place yesterday. EUR/JPY closed 28 pips higher to finish at 96.13, while GBP/JPY fell 36 pips to end the day at 122.49. Read more…

Canadian Dollar (CAD)

The Loonie could only watch its comdoll comrades with envy as they traded higher yesterday. It got stuck in the bear lair following the disappointing GDP figures from Canada. USD/CAD ended the day 11 pips higher from its opening price at 1.0029. Read more…

Australian Dollar (AUD)

Once again, the Aussie climbed to a new high at 1.0539, but finally settled at 1.0509, up just 8 pips on the day. With a shooting star forming on the daily chart, could this be the beginning of the end for the Aussie’s bullish run? Read more…

New Zealand Dollar (NZD)

Booooooooooooring! Due to the absence of market-moving economic events, NZD/USD was completely directionless yesterday. NZD/USD simply paced back and forth within a tight 40-pip range with resistance at .8120 and support at the .8080 level. Read more…

Swiss Franc (CHF)

The Swiss franc was able to move higher against other major currencies yesterday amid mounting concerns over whether the ECB would disappoint the markets with inaction in its interest rate decision later this week. The Swiss franc, for instance, gained 36 pips over the safe haven Greenback. 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!

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