Daily Forex Fundamentals – July 18, 2013

What’s on the Economic Horizon
Bernanke provides more confusion than clarity
All BOE MPC members vote for no change in QE
Is the BOJ divided?

U.S. Dollar (USD)

Oh my, what a frenzy! Dollar pairs were all over the place during Ben Bernanke’s speech, as EUR/USD popped up to a high of 1.3177 before sinking down to a low of 1.3083 a few minutes later. At the end of the day though, most major currency pairs finished close to where they started. Read more…

Euro (EUR)

Where did all ’em euro bulls go?? The shared currency pared some of its gains from the dollar yesterday. EUR/USD opened at 1.3167 and traded all the way down to 1.3100 before closing the day at 1.3120. Read more…

British Pound (GBP)

It seems that it was the King weighing down the pound after all! After a report showed a sudden shift in voting results in the MPC, the pound soared up the charts, with GBP/USD soaring up to as high as 1.5268, before finally settling at 1.5212, up a solid 55 pips on the day. Read more…

Japanese Yen (JPY)

Even though the Japanese yen put up a good fight in yesterday’s trading battle, it was defeated by most of its major counterparts. USD/JPY jumped from a low of 99.04 to a high of 99.94 while GBP/JPY reached the 152.00 handle. Read more…

Canadian Dollar (CAD)

Look at the Loonie range like a Power Ranger! USD/CAD was still stuck in the area between 1.0350 and 1.0450 in yesterday’s trading despite the BOC expressing its views on the economy and monetary policy. By the end of the New York session, the pair was higher at 1.0414 from its opening price at 1.0369. Read more…

Australian Dollar (AUD)

You win some, you lose some. The Australian dollar had a mixed performance in yesterday’s trading as it managed to post some gains against the yen but lost ground to the Greenback. AUD/USD ended the day around the .9200 level while AUD/JPY climbed to a high of 92.18. Read more…

New Zealand Dollar (NZD)

Looks like the Kiwi bulls couldn’t build off the momentum from Tuesday! NZD/USD stuck within its average daily range and eventually finished the day right at the .7900 mark, down just 6 pips for the day. Read more…

Swiss Franc (CHF)

The Swissy stayed within range yesterday, as the reaction to Bernanke’s speech was pretty much muted. USD/CHF traded within a range of roughly 80 pips and finished trading at .9410, about 21 pips above its opening price. 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!