Daily Forex Fundamentals – August 23, 2013

What’s on the Economic Horizon

U.K. second estimate GDP on tap
Canadian CPI to show 0.1% increase
U.S. new home sales seen at 487,000

U.S. Dollar (USD)

Although the dollar didn’t have the most impressive economic reports to back it up, it managed to gain ground against most of its major counterparts. It strengthened against the yen, Swissy, pound, Kiwi, and Loonie. Meanwhile, it ended unchanged against the euro, but it weakened against the Aussie. Read more…

Euro (EUR)

The euro bulls partied loud and hard in Pipsville yesterday as data from the euro zone supported claims that the region’s recovery is gaining momentum. The common currency ended the day almost unchanged against the Greenback, but posted gains against the pound, yen, and the franc. Read more…

British Pound (GBP)

Where did Cable go yesterday? To a new intraweek low, apparently. After trading within a relatively tight slightly upward horizontal channel for the past several days, Cable was sold-off heavily yesterday. The pair began the day at 1.5673 but ended the U.S. trading session at 1.5587. Read more…

Japanese Yen (JPY)

Down goes the yen! USD/JPY staged its biggest rally in over a week as the pair climbed 89 pips to finish at 98.70. Where is the market headed? Read more…

Canadian Dollar (CAD)

The Loonie fell deeper into the bears’ lair yesterday as Canada’s economic reports inspired further weakness. USD/CAD broke above 1.0500 and ended the day 43 pips higher than its open price. Read more…

Australian Dollar (AUD)

After three days of sliding down the charts, the Aussie was finally able to come up with a victory. AUD/USD rose 32 pips to finish just above the .9000 handle. Read more…

New Zealand Dollar (NZD)

It appears only the Aussie was positively affected by the rumors of an RRR cut from China. Its close neighbor, the Kiwi, took a hit, falling for the fourth straight day. From its opening price at .7851, the pair dropped as low as .7804 before closing at .7832. Read more…

Swiss Franc (CHF)

Strike two for the Swissy! Just one more strike and you are out! For the second straight day, the Swissy was unable to hold off the advances of the dollar. USD/CHF began the day at.9223, but found itself slowly rising throughout the day, closing the U.S. trading session at .9236. Read more…

Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.

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