Daily Forex Fundamentals – July 14, 2011

What’s on the Economic Horizon

U.S. Producer Price Index, Retail Sales, and Initial Jobless Claims on Deck
Euro zone Inflation to Expected Remain Steady at 2.7%

U.S. Dollar (USD)

And so, the dollar’s run of daily wins finally came to an end. The U.S. dollar index, after climbing to its highest level this month at 77.17, fell to 75.65 yesterday and marked its first significant loss in more than a week. Read more…

Euro (EUR)

Has the euro passed the “biggest loser” crown to the dollar? Yesterday markets decided to take a breather on selling the euro and focused instead on the dollar weakness brought about by Bernanke’s surprisingly bearish statements. After hitting an intraday low of 1.3951, EUR/USD recovered and posted a 167-pip gain near the 1.4140 mark. What’s up with the rally? Read more…

British Pound (GBP)

Bad employment report?? That’s no problem for the pound! Yesterday the currency still managed to rally against the dollar and the yen. GBP/USD ended the day 188 pips above its opening price at 1.6104 while GBP/JPY closed at 127.19, 82 pips above its opening price. Read more…

Japanese Yen (JPY)

After days of gaining against other major currencies, the yen finally decided to take a break and give up a little bit of ground. At the end of the U.S. trading session, EUR/JPY was sitting at 111.72, a respectable 76 pips higher from its open price. Meanwhile, GBP/JPY rose to 127.21 from 126.37. Read more…

Canadian Dollar (CAD)

Comdoll power, baby! Just like Happy Pip’s other comdolls, traders went gaga for the Loonie yesterday on a broad-based Greenback selling and a bullish black crack report from the markets. USD/CAD finished its back-to-back fall with a 64-pip slide, capping the day at .9598 after hitting an intraday low of .9578. Read more…

Australian Dollar (AUD)

Thank you Mr. Bernanke! Due to Bernanke’s statement yesterday, the Aussie was able to steal some pips from the dollar. AUD/USD ended the U.S. trading session a 1.0741, a whopping 145 pips higher from its opening price during the Asian trading session. Read more…

New Zealand Dollar (NZD)

“Eat my dust, dollar!” Amid the broad dollar weakness, the Kiwi skyrocketed to a high of .8386 before ending the day with a 173-pip gain at .8355. Read more…

Swiss Franc (CHF)

And just when everyone thought the Swiss franc couldn’t go any higher after a disappointing inflation report, the Swissy brings its A-game on and soars to new a high against the dollar. USD/CHF closed just a couple of pips above its all-time low at .8180, 132 pips lower from its opening price. Meanwhile, EUR/CHF ended the day 48 pips lower near its lows at 1.1567. 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 pip-locking technical setups!