Daily Forex Fundamentals – August 22, 2013

What’s on the Economic Horizon

Initial Jobless Claims to Rise Slightly to 329K
Euro Zone Manufacturing and Services PMIs on Deck
Canadian Retail Sales to Decrease 0.3%?

U.S. Dollar (USD)

Dollar domination! Thanks to the FOMC’s meeting minutes, the Greenback was able to reign supreme in the foreign exchange market yesterday. The U.S. dollar index that tracks the performance of the currency versus the other majors rose to 81.79 from 81.37. Read more…

Euro (EUR)

Ah, how the mighty has fallen. After posting a new high on Tuesday, the euro shifted gears and weakened heavily yesterday. EUR/USD started the day at 1.3422, fell to an intraday low at 1.3345, and then settled at 1.3356. Read more…

British Pound (GBP)

Take a look at that doji on GBP/USD! The pair traded as high as 1.5718 and as low as 1.5650, but it eventually settled just 3 pips lower at 1.5673. Let’s see where it’ll go today! Read more…

Japanese Yen (JPY)

The lack of economic reports from Japan left the yen vulnerable to market sentiment yesterday. By the New York session close, it was down 57 pips against the dollar at 97.81 while it gave up 11 pips to the euro at 130.62. Read more…

Canadian Dollar (CAD)

For the fourth straight day, the Loonie lost heavily versus the Greenback. From 1.0390, USD/CAD rose to its highest level in over one month to 1.0483 before closing the day at 1.0473. Read more…

Australian Dollar (AUD)

The Aussie suffered a bitter defeat yesterday as it declined for the third straight day versus the Greenback. AUD/USD began the day at .9085, and then closed the day at its lowest level in almost two weeks at .8980. Read more…

New Zealand Dollar (NZD)

The bloodbath on NZD/USD just gets worse and worse! For the third time this week, the pair showed a bright red candlestick as it finished at .7850, 149 pips below its opening price. Crazy! Read more…

Swiss Franc (CHF)

Yikes! The Swissy practically gave back its gains from Tuesday as USD/CHF rose 52 pips on the day. Now, the pair is back above the .9200 handle! 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!