Daily Forex Fundamentals – August 24, 2011

What’s on the Economic Horizon

U.K. Nationwide Consumer Confidence Clocking in Before Midnight
U.S. Durable Goods Report: Dollar Bullish or Bearish?
German IFO Business Climate Survey On Tap

U.S. Dollar (USD)

“Down, down in an earlier round, and dollar we’re going down swingin’!” The Greenback lost to almost all of its counterparts yesterday as the market grooved to the talks of further stimulus from the Fed. It gave up 77 pips to the euro, 9 pips to the yen, and 104 pips to the Aussie. Read more…

Euro (EUR)

Sometimes it’s an enemy, but yesterday it was a friend! Economic data in the form of cool manufacturing and services PMIs gave the euro a hand as EUR/USD rallied to tap the 1.4500 handle. Though it eventually gave up some of its gains early in the New York session, the pair managed to close the day 79 pips higher at 1.4443. Read more…

British Pound (GBP)

It was a disappointing finish for the pound yesterday, as it couldn’t hold on to its gains versus the dollar and stumbled against the euro. After testing as high as 1.6470, GBP/USD dropped late in the day to finish at 1.6494, up just 11 pips on the day. Meanwhile, EUR/GBP edged higher by 30 pips to close at .8750. Read more…

Japanese Yen (JPY)

The yen’s scorecard in yesterday’s trading was as mixed as a bag of nuts. Although it won 10 pips from the dollar, it lost 48 pips to the euro when EUR/JPY ended the day at 110.76. Read more…

Canadian Dollar (CAD)

Once again, the Loonie found itself trading from side to side as Canadian retail sales data didn’t have a lasting effect on the currency. After dipping down to an intraday low of .9849, USD/CAD climbed back up to close just 21 pips lower on the day at .9880. Read more…

Australian Dollar (AUD)

Aussie bulls showed the bears how to hustle some muscle in yesterday’s trading. AUD/USD finally closed above the 1.0500 psychological handle when it ended the day 105 pips higher at 1.0520. Read more…

New Zealand Dollar (NZD)

On a roll baby! The Kiwi posted its second win in a row, riding the strong risk rally yesterday. NZD/USD finished at .8322, up 51 pips for the day. Boo yeah! Read more…

Swiss Franc (CHF)

Ranging, ranging, ranging! That’s all what franc pairs have been doing lately! Once again, USD/CHF traded within a tight consolidation of just 80 pips, as traders are unsure what to do with the pair. Will we finally see a breakout today? Read more…