Daily Forex Fundamentals – August 18, 2011

What’s on the Economic Horizon?

U.K. retail sales growth expected to ease to 0.3%
CAD wholesale sales growth seen at 0.3% for June
U.S. to unload CPI, existing home sales, and Philly Fed manufacturing data

U.S. Dollar (USD)

The dollar was the butt of all jokes yesterday as it was whipped across the board. It yielded ground against both safe havens and comdolls as uncertainties in the U.S. economy continued to dampen demand for the Greenback. Has the dollar lost its safe haven status? Read more…

Euro (EUR)

It was a topsy-turvy day for the euro, which was simply all over the place in yesterday’s trading. EUR/USD spiked to as low as 1.4325 at the start of the London session, before recovering on improved risk appetite. The pair then soared to as high 1.4518, before giving back some of its gains to close at 1.4435, marking just a 26 pip gain on the day. Read more…

Canadian Dollar (CAD)

Just like a good, old fashioned hockey fight, the Canadian dollar joined in on the fun and romped all over the U.S. dollar. The Loonie fell to as low as .9775 before closing at .9798, good for a 22-pip drop on the day. Read more…

British Pound (GBP)

What an interesting turn of events! At first, pound pairs got beaten by weaker than expected U.K. data but they made a strong turnaround and ended the day with a win. GBP/USD closed at 1.6549 while GBP/JPY landed at 126.60. Is the pound in for more gains today? Read more…

Japanese Yen (JPY)

The yen inched a little higher yesterday as most markets traded quite choppily. USD/JPY ended 20 pips lower to close at 76.50 while EUR/JPY formed a spinning top by closing just 17 lower at 110.43. Read more…

Australian Dollar (AUD)

There goes resistance at 1.0500! AUD/USD rallied hard yesterday as the Aussie dominated the Greenback and took the pair up 79 pips to close at 1.0555. Will it post back-to-back wins? Read more…

New Zealand Dollar (NZD)

Despite the lack of economic data from New Zealand, the Kiwi crept higher against the U.S. dollar yesterday as risk appetite improved. NZD/USD reached a high of .8426 before ending the day at .8375. Can it keep up its winning streak? Read more…

Swiss Franc (CHF)

Fail! No matter how hard it tried, the SNB was unable to keep the franc from rallying yesterday. USD/CHF found resistance at the .8000 area and dropped by almost a couple hundred pips before closing at .7890. Meanwhile, EUR/CHF ended 10 pips below the 1.1400 handle. Will the SNB make another attempt to hold down the franc today? 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!