Daily Forex Fundamentals – July 22, 2011

What’s on the Economic Horizon

Canadian CPI and Retail Sales in Focus Today
German Ifo Business Climate Survey To Fall Slightly to 113.7
Still No Solution to U.S. Debt Ceiling Woes

U.S. Dollar (USD)

Is time running out for the U.S. to pass a new debt ceiling proposal? The markets seem to think so! With debt concerns still weighing heavily in the markets, the dollar found itself on the losing end yesterday. EUR/USD finished 162 pips higher at 1.4378 , while USD/JPY closed at 78.44, its lowest level in four months. Read more…

Euro (EUR)

Talk about a strong case of market optimism! EUR/USD managed to stage a magnificent rally in yesterday’s trading session after euro zone leaders finally agreed on a plan to bail out the debt-ridden Greece. From its intraday low at 1.4138, EUR/USD soared to close the day strongly at 1.4378. Read more…

British Pound (GBP)

It’s all good in the hood for the pound! Not only did it get a boost from risk appetite, but it was also lifted by awesome retail sales data. Needless to say, pound bulls went nuts and carried GBP/USD 139 pips higher and GBP/JPY 58 pips higher. Read more…

Japanese Yen (JPY)

Mixed results for the yen yesterday, as it took advantage of broad USD weakness, but lost against all other majors as risk sentiment took a turn for the better yesterday. USD/JPY managed to close 32 pips to close at 78.44, while EUR/JPY rose a solid 75 pips to finish at 112.80. Read more…

Canadian Dollar (CAD)

Score another one for the Loonie! For the third straight day, the Loonie was able to edge higher versus the Greenback. USD/CAD closed the U.S. trading session at .9453, 21 pips lower from its opening price that day. Read more…

Australian Dollar (AUD)

And boom goes the dynamite! Just like that, AUD/USD broke through key resistance just below the 1.0800 handle. AUD/USD gained 90 pips on the day to close at 1.0833. Could the pair be headed for the 1.1000 mark? Read more…

New Zealand Dollar (NZD)

We should call the Kiwi the “Fresh Prince” by the way it posted fresh all-time highs yesterday! With risk appetite fueling its rise, NZD/USD managed to crawl into never-before-seen territory, climbing up to .8623 to post a 60-pip gain. More…

Swiss Franc (CHF)

Like kryptonite to Superman, the Swissy weakened against most of its counterparts at the sight of risk appetite. (That rhymes yo!) However, it was able to gain ground against the U.S. dollar, although we did see a few reports from Switzerland weren’t exactly Swissy-bullish. More…

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!