Daily Forex Fundamentals – July 18, 2011

What’s on the Economic Horizon
U.K. Rightmove HPI dropped for the first time this year
U.S. TIC long-term purchases increased in May?
New Zealand CPI up by 1.0% in Q2 2011

U.S. Dollar (USD)

What a wild week for the U.S. dollar, eh? Talks of QE3 and the looming deadline for their debt ceiling pushed the dollar this way and that last week, bringing the USDX closer to the 75.00 handle. Will the dollar lie low this week or will it be in for another topsy turvy ride? Read more…

Euro (EUR)

And 1.4100 holds! Due to the absence of high profile economic data from euro zone, EUR/USD didn’t experience a lot of action last Friday. The pair simply traded within a relatively tight 100-pip range. It found resistance at 1.4200 and bottomed out at the 1.4100 level. by the end of the U.S. trading session, EUR/USD sat at 1.4148, barely changed from its Asian session opening price at 1.4143. Read more…

British Pound (GBP)

Ooomph! The pound took hits against its major counterparts last Friday when word started spreading that the U.K. is in for more disappointing economic data. GBP/USD struggled near its open price at 1.6136, while EUR/GBP peaked at an intraday high of .8796 before closing at .8768. Read more…

Japanese Yen (JPY)

Is the yen getting too strong for the BOJ’s comfort? It seemed like traders were wary to buy the Japanese yen last Friday as talks of a possible currency intervention started to surface. Still, the yen was able to hold its ground against the euro and even scored some gains against the pound and the U.S. dollar. Read more…

Canadian Dollar (CAD)

Despite the negative manufacturing sales report, the Loonie was able to post to gain some ground over the Greenback yesterday. USD/CAD was sitting at .9543 by the end of the U.S. trading session, a 66 pips lower from its opening price during the Asian session. Read more…

Australian Dollar (AUD)

Talk about going down under! The Aussie lost ground against most of its counterparts last Friday as traders grew concerned about the possible impact of the new carbon tax on the Australian economy. AUD/USD dropped from a high of 1.0656 to close at 1.0607 while AUD/JPY slid below the 85.00 handle and closed at 84.18. Read more…

New Zealand Dollar (NZD)

Charlie Sheen, is that you? The Kiwi tacked another “winning” day against the Greenback last Friday with NZD/USD capping the day with a 57-pip gain at .8464 after hitting an intraday low of .8380 during the London session. Read more…

Swiss Franc (CHF)

Safe haven warriors attaaaack! With bad news continuing to pop up in markets and the SNB giving no hint at a currency intervention, more and more traders are flocking the safe-haven franc. EUR/CHF dropped by another 38 pips to 1.1497, while USD/CHF slipped by 35 pips to .8128. 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!