Daily Forex Fundamentals – August 2, 2011

What’s on the Economic Horizon
Swiss Retail Sales Up 1.6% y/y
U.K. Construction PMI to Tick Lower?
Will the RBA be Dovish or Hawkish?

U.S. Dollar (USD)

The dollar looked mighty fine in yesterday’s trading as it snatched pips from most of its counterparts. EUR/USD ended the day 126 pips lower at 1.4258 and GBP/USD closed 118 pips lower at 1.6297. Read more…

Euro (EUR)

Not again! No thanks to risk aversion, the euro took a major hit in yesterday’s trading session. After it had hit an intraday high at 1.4450, EUR/USD dropped like a rock to close the U.S. trading session at 1.4258. All in all, the pair lost 126 pips yesterday. Read more…

British Pound (GBP)

With risk aversion in full tow, the markets had pound bulls screaming “Bollocks!” all throughout the New York Session. GBP/USD closed 118 pips lower at 1.6297, while GBP/JPY hit an intraday low at 124.19 before recovering to finish at 125.70, marking a 105 pip loss on the day. Read more…

Japanese Yen (JPY)

The yen was ballin’ up the charts like Kobe in yesterday’s trading. It scored its new all-time high against the dollar at 76.29 before ending the day at 77.10. It also gained 109 pips against the euro as EUR/JPY closed at 109.97. Read more…

Canadian Dollar (CAD)

The Loonie found itself holding on to the short end of the stick yesterday as traders flocked to the safety of the dollar and the yen after the proposed U.S. debt deal was unable to calm the worries over the financial situation of the debt-ridden U.S. USD/CAD closed the U.S. trading session at .9571, 35 pips higher from its opening price that day. Read more…

Australian Dollar (AUD)

The Aussie headed down under in the charts yesterday thanks to the combination of risk aversion and bad data. AUD/USD ended the day 48 pips lower at 1.0968 while AUD/JPY closed at 84.60 after opening at 85.05. Read more…

New Zealand Dollar (NZD)

Just like its comdoll siblings, the New Zealand dollar started the week off on a weaker note, as risk aversion took over the markets. NZD/USD suffered a 29 pip loss to close at .8766. Could this finally be the week where the Kiwi gives back its ridiculous gains? Read more…

Swiss Franc (CHF)

Once again, the mighty franc has set a NEW all-time high versus the dollar, as USD/CHF clocked in 88 pips lower at .7833. Is there no stopping the Swiss franc?! 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!