Daily Forex Fundamentals – August 29, 2011

What’s on the Economic Horizon
U.S. pending home sales to post 0.8% dip for July
ECB President Trichet set to testify today
New Zealand building consents data on tap

U.S. Dollar (USD)

Way to drop the ball! On its big day, the dollar was a big disappointment as it lost massive pips against its major counterparts in light of weaker-than-expected growth and the Jackson Hole symposium. While EUR/USD rallied 110 pips to close at 1.4496, USD/JPY tumbled to 76.69 after opening at 77.49. Read more…

Euro (EUR)

The euro finished the week off on a solid note, as it took advantage of some crazy moves on Friday. EUR/USD rose 110 pips, closing just below the 1.4500 handle. Can the euro sustain this momentum this coming week? Read more…

British Pound (GBP)

The pound may have gotten bailed out of a loss against the USD, but it wasn’t saved from a beating from the yen! GBP/USD managed to climb 58 pips while GBP/JPY fell 85 pips on soft GDP data. Read more…

Japanese Yen (JPY)

Third place ain’t bad! The yen managed to end higher against all of the major currencies but for the Aussie and the Kiwi. With the Jackson Hole Summit pushing USD/JPY down 80 pips to 76.69, the yen crosses followed suit as traders unwound their risk trades. Read more…

Canadian Dollar (CAD)

After zooming higher early in the New York session, the Canadian dollar rallied thanks to a sharp dollar sell-off. USD/CAD hit a high at .9925 before falling nearly 100 pips to close at .9830. Read more…

Australian Dollar (AUD)

With the dollar tanking late on Friday, the Aussie jumped up like a baby Joey kangaroo! AUD/USD rose a whopping 142 pips to close just below the 1.0600 handle at 1.0579. Read more…

New Zealand Dollar (NZD)

And with that, the Kiwi ends the week on a strong note! The Kiwi put up its biggest gains in two weeks against the USD as NZD/USD climbed 132 pips to finish at .8399. Read more…

Swiss Franc (CHF)

Kaboom! Thanks to the initial dollar rally during the Jackson Hole Symposium, the Swissy blew past the .8000 handle! After hitting as high as .8157, USD/CHF settled at .8077, marking an impressive 147 pip gain for the day. Not bad! Read more…

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

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Head on to Big Pippin’s Daily Chart Art for some excellent trade ideas!