Daily Forex Fundamentals – August 4, 2011

What’s on the Economic Horizon

U.S. Weekly Jobless Claims on Tap
Will the ECB Cut Short the Euro’s Gains?
SNB Intervention Soon?

U.S. Dollar (USD)

With risk appetite finally picking up this week, the dollar went for a mid-week reversal of the wrong kind. The dollar took some hits against its major counterparts and generally closed lower across the board. Overall, the USDX at 74.457, 42 points lower from its opening price on the day. Read more…

Euro (EUR)

It’s about time! Thanks to positive data, the euro was able to bag 111 pips from the dollar for the first time this week yesterday when it closed higher at 1.4319. It was also able to end its 5-day losing streak against the yen when EUR/JPY closed the day 68 pips higher at 110.21. Read more…

British Pound (GBP)

Thanks to the very positive Services PMI, the pound was able to edge higher versus other major currencies in yesterday’s trading session. The pound was able to steal 119 pips from the dollar and 74 pips from the yen. Read more…

Japanese Yen (JPY)

Ooohhh baby, is that intervention I see? After consolidating for the past few days, USD/JPY broke out higher earlier today and is back above the 78.00 handle as I write! Could the BOJ have a hand in this? Read more…

Canadian Dollar (CAD)

Loonie, where you at? The currency extended its losing streak against the dollar to a sixth day when USD/CAD closed the day 26 pips higher at .9627. Read more…

Australian Dollar (AUD)

Make that three for three! The Aussie closed 49 pips lower at 1.0759, marking the third time this week that the pair finished the day on a sour note. Do the Aussie bulls have what it takes to go for a midweek reversal? Read more…

New Zealand Dollar (NZD)

While other major currencies basked in the glory of volatility, the Kiwi simply traded in a relatively tight range yesterday due to the absence of an economic catalyst. NZD/USD just bounced around its intraday session highs and lows and ended the day with a small 46-pip loss. Read more…

Swiss Franc (CHF)

Uh oh. It seems like the fears of the Swissy bulls have finally come to life! Yesterday, in the libor rate announcement, the Swiss National Bank (SNB) showed concern about the strengthening franc and lowered the 3-month libor rate to 0.0%-0.25% from 0.0%-0.75%. As a result, the Swissy took a major hit across the board. 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!

  • raul

    this boj intervention took jpy where it was 11 days ago!
    can boj do this intervention every 2 weeks…..can every country do the same interventions if they want?