Daily Forex Fundamentals – July 13, 2011

What’s on the Economic Horizon

Fed Chairman Ben Bernanke To Testify At Capitol Hill
U.K. Claimant Count Change Report On Tap!
New Zealand GDP Eyed At 0.3%

U.S. Dollar (USD)

Uh oh. The dollar scored more losses than wins in yesterday’s trading no thanks to talks about the possibility of QE3.While it posted gains against the euro, Aussie and Kiwi, it gave up a handful of pips to the Swissy, yen, pound and Loonie. Read more…

Euro (EUR)

Is that a rebound I see? Why, yes it is! The euro, after dropping more than 500 pips against the dollar in the last five days, managed to finally stabilize yesterday. EUR/USD closed the U.S. trading session at 1.3973, just 36 pips lower from its opening price during the Asian trading session. While still a loss, it wasn’t as bad as the last couple of days! Read more…

British Pound (GBP)

The pound’s price action was as mixed as Happy Pip’s cd collection as the currency bulls and bears played tug-o-war with the pound. GBP/USD capped the day 16 pips above its open price at 1.5916, while GBP/JPY recovered to only a 133-pip loss after dropping to an intraday low of 125.14. Read more…

Japanese Yen (JPY)

Just like hottie Megan Fox, the yen didn’t need a lot of positive reports to woo the bulls. Well, kinda. It gained another 157 pips from the euro when EUR/JPY closed at 110.94 and another 86 pips from the dollar when USD/JPY ended the day at 79.40. Read more…

Canadian Dollar (CAD)

“I ain’t going down without a fight,” the Loonie exclaimed yesterday as the currency defended the Greenback’s advances. The Loonie, after giving up a lot of ground early in the Asian trading session, against the Greenback, fought back and actually managed to close the U.S. trading session with a gain. USD/CAD ended the day at .9662, 30 pips lower from its opening price. Read more…

Australian Dollar (AUD)

For a second day in a row, the Aussie headed “down under” the charts in yesterday’s trading. AUD/USD fell from its intraday high of 1.0665 all the way to its two-week low at 1.0525 before ending the day at 44 pips below its opening price at 1.0596. Read more…

New Zealand Dollar (NZD)

Strike two for the comdoll! The Kiwi took another beating against the Greenback yesterday as traders continued to flock the low-yielding currencies on a bout of risk aversion in markets. NZD/USD ended up dropping to an intraday low of .8109 before it leveled off to only a 93-pip loss at .8184. Yikes! Read more…

Swiss Franc (CHF)

Back-to-back, baby! Sustained risk aversion in markets continued to boost the franc against its major counterparts yesterday. EUR/CHF as dragged down 96 pips to 1.1615, while USD/CHF also slipped by 45 pips to .8312 after hitting an intraday high of .8399. 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!