Daily Forex Fundamentals – July 11, 2011

What’s on the Economic Horizon

U.S. Non-farm Payrolls Largely Disappoints
CAD Housing Starts Expected To Remain At Pace

U.S. Dollar (USD)

What a wild Friday! As expected, the release of the non-farm payrolls resulted a significant impact on the foreign exchange markets. Right after the release of the report, the dollar was sold-off across the board. The sell-off turned out to be temporary only though, as the dollar was able to regain all of its losses in the next couple of hours. By the end of the U.S. trading session, EUR/USD was trading at 1.4260, 94 pips lower from the day open price. Read more…

Euro (EUR)

Well, the pro-euro sentiment didn’t last long at all! Thanks to some bad news propping up in the euro zone, the euro took quite a hit last Friday. EUR/USD dropped 96 pips, closing at 1.4260, while EUR/CHF fell almost 200 pips to finish at 1.1929. Read more…

British Pound (GBP)

Aha! It looks like it’s not just the Royal Couple flyin’ high in the skies. The pound also soared up the charts in Friday, bouncing from its intraday low of 1.5931 against the dollar to end the week at 1.6046 with a 115-pip gain for the day. Read more…

Japanese Yen (JPY)

Talk about a big finish! Thanks to disappointing U.S. reports, the yen was able to close the day on a very positive note. Upon the release of the report, USD/JPY dropped 100 pips to end the day strongly at 80.62. Read more…

Canadian Dollar (CAD)

Not even a divergence in good employment data with the U.S. could help the Canadian dollar rally last Friday! After trading within a tight range for most of the day, USD/CAD broke higher once the New York session rolled around, closing 18 pips higher at .9606. Read more…

Australian Dollar (AUD)

Despite the very disappointing NFP report, the Aussie remained on the back foot last Friday. The currency lost against most major currencies, with AUD/USD falling to to 1.0755 from 1.0769 and AUD/JPY dropping to 86.71 from 87.47. Will the Aussie be able to recover its losses? Read more…

New Zealand Dollar (NZD)

After dipping to an intraday low of .8288, the Kiwi flew to its new all-time high against the dollar at .8371 in Friday’s trading. Now that’s a rocketeer right there! NZD/USD then ended the week just a pip lower at .8370 with a 39-pip gain for the day. Read more…

Swiss Franc (CHF)

The Swissy strut the charts with so much swag last Friday as it ended the day 81 pips higher against the dollar at .8365. Not to mention that it gained a whopping 193 pips from the euro as EUR/CHF closed at 1.1929. 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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