Daily Forex Fundamentals – August 22, 2011

What’s on the Economic Horizon
Another G7 yen intervention in the works?
U.S. mortgage delinquencies report due

U.S. Dollar (USD)

You win some, you lose some. After getting a strong boost from risk aversion, the Greenback had a mixed performance against its major counterparts on Friday. The U.S. dollar consolidated against the Aussie, Loonie, and yen while it managed to score some wins against the pound and the Kiwi. Will it find a clearer direction today? Read more…

Euro (EUR)

How’s THAT for resilience! After taking a bad beating on Thursday, the euro bounced back to post respectable gains against its major counterparts. EUR/USD closed 57 pips higher on the day at 1.4395 after hitting a low of 1.4259, while EUR/JPY rose 36 pips to finish at 110.11. But was this just a dead cat bounce? Read more…

British Pound (GBP)

Just when it looked like Cable was gonna soar to new highs, profit taking set in late in European session, which sank the pound. After hitting a new 4-month high at 1.6620, GBP/USD came tumbling down to close at 1.6477, finishing Friday with a 36 pip loss. Read more…

Japanese Yen (JPY)

Eep, not another yen-tervention?! The Japanese yen was all over the place last Friday as traders feared that the BOJ would step in the currency markets again. USD/JPY jumped to a high of 76.96 but dipped to a low of 75.96 later on, while EUR/JPY landed 11 pips above the 110.00 handle. Is the BOJ really thinking of intervening again? Read more…

Canadian Dollar (CAD)

The Loonie had a fight on its hands last Friday as CPI data failed to give it a lasting boost. In the end, USD/CAD finished practically unchanged at .9886. Will last Friday’s doji signal the start of a reversal? Read more…

Australian Dollar (AUD)

Despite the lack of economic data from Australia, the Aussie was able to hold its ground against the U.S. dollar on Friday. AUD/USD opened at 1.0394, reached a low of 1.0315, but pulled up for a strong finish at 1.0404. Meanwhile, AUD/JPY closed right at its open price of 79.58. Read on to find out where the Aussie could be headed today. Read more…

New Zealand Dollar (NZD)

Make that two in a row! After it looked like the Kiwi was gonna stage a comeback, it sank late last Friday to post a 29-pip loss and closed at .8181. Read more…

Swiss Franc (CHF)

Can you say, RANGE? For all of last week, the Swissy stayed within a range of 200 pips between .7800 and .8000. What could cause the pair to break out of this consolidation? Read more…

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