Daily Forex Fundamentals – August 22, 2012

What’s on the Economic Horizon

Canadian retail sales expected to grow by 0.2%
U.S. FOMC meeting minutes to shed light on Fed stance

U.S. Dollar (USD)

You wanted action? Well, you certainly got it! The dollar was abandoned aggressively yesterday as optimism in the euro zone sparked a strong bout of risk taking. As a result, EUR/USD found itself 115 pips higher at the end of the day, while USD/JPY ended 16 pips lower. Read more…

Euro (EUR)

Thanks to renewed rumors of action by the ECB, the euro lit up the markets Vito Corleone-style! EUR/USD rose 115 pips to finish at 1.2464, while EUR/JPY closed at 98.76, up a solid 71 pips on the day. Read more…

British Pound (GBP)

Oh snap! The pound just skyrocketed to its three-month high against the dollar despite disappointing data! After opening at 1.5710, GBP/USD traded higher all the way up to 1.5804 before closing the day at 1.5776. Read more…

Japanese Yen (JPY)

The yen showed us exactly why the saying “you win some, you lose some” came to be as it strengthened against the dollar, Swissy, and Loonie, but weakened against the euro, pound, Aussie and Kiwi. Will it put up more consistent results today? Read more…

Canadian Dollar (CAD)

After it looked like USD/CAD was headed for 4-month lows, the Canadian lost its grip and slipped versus the dollar yesterday. The pair hit as low as .9843 before reversing and finishing at .9897, 13 pips above its opening price. Read more…

Australian Dollar (AUD)

The RBA meeting minutes gave the Aussie a huge boost at the start of the day, but a good chunk of its gains were eventually undone in the New York session. From an intraday high of 1.0521, AUD/USD retreated to 1.0475, up 24 pips on the day. Read more…

New Zealand Dollar (NZD)

Just when everyone thought the Kiwi was on its way to infinity and beyond, the comdoll began to run out of fuel. NZD/USD rallied all the way up to .8145 after opening at .8091. However, by the end of the New York session, the pair was only a few pips above its opening price at .8103. Read more…

Swiss Franc (CHF)

The Swiss franc tapped its inner Sylpipster Stalone and muscled its way against the dollar in yesterday’s trading. Almost immediately after opening at .9726, USD/CHF dropped like a rock on the charts and closed at .9636. 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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