Daily Forex Fundamentals – August 10, 2012

What’s on the Economic Horizon

U.K. Producer Price Figures on Deck
Canadian Employment Situation Expected to Have Improved

U.S. Dollar (USD)

The Greenback showed some muscle again yesterday after economic data from the country showed an improvement in both the trade deficit and the jobless claims. The currency found itself higher versus other major currencies such as the euro, the pound, and the franc. Read more…

Euro (EUR)

Down she goes again! For the second day in a row, the euro was dumped as traders continued to worry about the region’s economy. While EUR/USD slipped 61 pips to 1.2298, EUR/JPY trickled down 30 pips to 96.66. Will the euro manage to pick itself up before the weekend? Read more…

British Pound (GBP)

Another day of consolidation for the pound, as it practically stayed within its average daily range versus the yen and the dollar. Will we see more of the same today or could we finally see an extended move? Read more…

Japanese Yen (JPY)

The low-yielding yen let loose its “inner crazy” yesterday and moved wildly versus the safe haven dollar. The yen rallied slightly during the Asian and morning European trading session but it was unable to hold on to its gains and gave up all of the ground it gained – and then some – during the U.S. trading session. At the end of the day, the yen was down 14 pips. Read more…

Canadian Dollar (CAD)

And the streak goes on and on and on! The Loonie recorded its FIFTH straight win against the Greenback, pushing USD/CAD down 26 pips to a new three-month low at .9920. Will it keep its streak intact today? Read more…

Australian Dollar (AUD)

Uh oh, it looks like someone is running out of steam… After the pair’s impressive rally in the last couple of weeks, it seems that AUD/USD has decided to take a break. Save for the small spike up during the Asian session due to the positive employment report, the pair generally moved sideways yesterday with resistance around the 1.0600 major psychological barrier and support just a few pips above 1.0550. Read more…

New Zealand Dollar (NZD)

Rough sailing for the Kiwi yesterday, which got wiped out thanks to a wave of risk aversion. After testing the .8100 handle, NZD/USD eventually clocked in at .8117, marking a 36-pip loss on the day. Read more…

Swiss Franc (CHF)

Just like its European neighbors, the franc stumbled against the dollar in yesterday’s trading matches. USD/CHF rose 47 pips to close the day at .9766. Will the pair make it three in a row to end the week? 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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