Daily Forex Fundamentals – August 24, 2012

What’s on the Economic Horizon

U.S. Durable Goods Orders on Deck
U.K. GDP Projected to Be Revised to -0.5% from -0.7%

U.S. Dollar (USD)

The Greenback was generally weaker yesterday as the dovish FOMC meeting minutes continued to weigh down heavily on the currency. The U.S. dollar index which tracks the performance of the Greenback versus other major currencies fell for the fourth day in a row to 81.44. Read more…

Euro (EUR)

Way to go, euro! For the third trading day in a row, the euro bulls beat the bears as they pushed EUR/USD higher in the charts. Should they thank the euro zone’s economic reports, or the QE3 speculations in markets? Read more…

British Pound (GBP)

After racing up the charts like a Ferrari in Wednesday’s trading, it looks like the pound ran out of fuel on the charts yesterday. GBP/USD rallied above 1.5900 but didn’t find enough demand at the major psychological handle. By the end of the New York session, the pair was 7 pips below its opening price at 1.5860. Read more…

Japanese Yen (JPY)

Due to the absence of market-moving data, the yen’s price action yesterday was as mixed as a bag of Trailmix! While the yen ended the day higher against the dollar and the pound, it fell short versus the euro. Read more…

Canadian Dollar (CAD)

Tough luck, Loonie bulls! The Canadian dollar wasn’t spared from the scrilla bulls’ wrath yesterday as they bought the Greenback against the comdolls. USD/CAD rose for one more day thanks to mixed QE3 speculations. Read more…

Australian Dollar (AUD)

After three consecutive victorious days, the Aussie finally ended yesterday with a loss. AUD/USD closed the U.S. trading session at 1.0439, 62 pips lower than its opening price that day. Read more…

New Zealand Dollar (NZD)

The Kiwi was no exception to Newton’s Law of Gravity in yesterday’s trading. NZD/USD went up to an intraday high of .8187 only to end the day back to where it opened at .8128. Oh well! I guess what goes up really must come down. Read more…

Swiss Franc (CHF)

Make that 4 days in a row! The Swiss franc extended its gains against the dollar in yesterday’s trading. USD/CHF dropped from its opening price of .9592 and traded all the way down to .9539 where it bottomed. At the end of the day, the franc was able to score a 31-pip gain as the pair closed at .9561. Read more…

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

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