Daily Forex Fundamentals – August 15, 2013

What’s on the Economic Horizon

U.S. CPI, Unemployment Claims, and Philly Fed Index to Drive Price Action Today
U.K Retail Sales Expected to Rise 0.7% After Last Month’s 0.2% Increase

U.S. Dollar (USD)

It was a mixed day of trading for the Greenback yesterday. While the currency traded sideways versus the euro and the Swissy, it was unable to hold off the advances of the pound, the yen, and the commodity-based currencies like the Aussie and the Loonie. As a result, the U.S. Dollar Index took a small blow, falling slightly to 82.16 from 82.21. Read more…

Euro (EUR)

So what if the euro zone is technically out of recession? The euro still couldn’t find any lovin’! EUR/USD spent the entire day trading sideways, eventually settling 5 pips lower at 1.3261. What’s up with that?! Read more…

British Pound (GBP)

And the pound outpaces the dollar once more! GBP/USD jumped to a high of 1.5545 during the London session before ending the day at 1.5516. GBP/JPY had its share of gains as it closed 12 pips up from its 151.60 open price. Why is the pound so strong these days? Read more…

Japanese Yen (JPY)

If I were to describe the yen’s price action in one word, it would be choppy. The yen was unable to find a clear direction yesterday, moving sideways versus other major currencies. USD/JPY, for instance, traded simply traded within a 60-pip range, finding support at 97.86 and resistance just below the 98.50 minor psychological handle. Read more…

Canadian Dollar (CAD)

Way to go Loonie! The Canadian dollar made a run for it in yesterday’s trading, pushing USD/CAD to a low of 1.0319. Can the Loonie go for more gains today? Read more…

Australian Dollar (AUD)

The Aussie continued its ascent yesterday, rallying slightly higher versus the Greenback. AUD/USD started the day at .9110, rose as high as .9160, before settling at the end of the U.S. trading session at .9139. Read more…

New Zealand Dollar (NZD)

The Kiwi was anything but flightless in yesterday’s trading, as NZD/USD soared back above the .8000 major psychological level. The pair reached a high of .8055 before closing at .8052. How high can the Kiwi go? Read more…

Swiss Franc (CHF)

When will the bleeding stop?! The Swiss franc crumbled under dollar strength once again, as USD/CHF reached a high of .9377 before ending the day at .9338, 10 pips up from its open price. Will the Swissy have a chance to recover today? 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!