Daily Forex Fundamentals – August 9, 2012

What’s on the Economic Horizon

U.S. Trade Balance and Weekly Jobless Claims on Deck
BOJ Widely Expected to Keep Rates Unchanged
Australian Employment Report Smashes Expectations

U.S. Dollar (USD)

Ahhh, can you taste that dollar bulls? It’s the sweet taste of victory! Thanks to a slightly disappointing German bund auction and some negative comments from financial officials, the safe haven Greenback was able to rally yesterday. The U.S. dollar index, which gauges the overall strength of the currency, extended its gains to 82.85 from 82.77. Read more…

Euro (EUR)

Party’s over, fellas! The euro got the short end of the stick yesterday as the common currency pared back its gains across the board. EUR/USD fell by 39 pips, while EUR/GBP also suffered a 35-pip loss. What did Draghi do this time? Read more…

British Pound (GBP)

Make that two in a row! GBP/USD ended the day in the green as it closed 21 pips up from its 1.5632 open price. GBP/JPY, on the other hand, logged in a tiny loss as it closed 12 pips down from its 122.92 open price. What’s up with that? Read more…

Japanese Yen (JPY)

The saying “what goes up, must go down,” couldn’t have held truer for the USD/JPY yesterday. After the pair’s strong performance on Tuesday, it simply fell apart in the last 24 hours. From its day open price at 78.63, the pair was pressured lower to close the U.S. trading session at 78.46. Read more…

Canadian Dollar (CAD)

There’s no stopping the Loonie bulls’ party! While other high-yielding currencies experienced choppy trading against the Greenback, USD/CAD registered its fourth consecutive decline in a row. Are Canada’s economic reports the reason for the Loonie’s strength? Read more…

Australian Dollar (AUD)

Due to some very good data, AUD/USD has managed to find solid support in the last 24-hours. The pair is currently trading around 1.0590, 40 pips higher from where it was during the previous Asian trading session. Read more…

New Zealand Dollar (NZD)

Despite the topsy-turvy price action, the Kiwi was able to sneak in a few gains against the Greenback as it closed 6 pips up from its .8148 open price. However, these gains were erased as soon as New Zealand released its jobs data. How did that turn out? Read more…

Swiss Franc (CHF)

The Swiss franc lost a bit of ground to the U.S. dollar yesterday as USD/CHF ended the day at .9720, 30 pips up from its .9690 open price. What happened yesterday and will the Swiss franc be able to recover today? 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!

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