Daily Forex Fundamentals – July 27, 2011

What’s on the Economic Horizon
Obama frustrated with U.S. debt talks
RBNZ to keep rates on hold at 2.50%
Swiss KOF economic barometer to dip this month

U.S. Dollar (USD)

Argh! The Greenback must be getting really frustrated by the lack of progress on the U.S. debt talks because it ended up losing against its major counterparts again. USDX breached the 74.00 handle and closed at 72.96 as other major currencies reached all-time highs against the U.S. dollar. How much further can it fall? Read more…

Euro (EUR)

No news is good news! Well, at least for the euro it was! Without any new updates on the Europeans debt crisis to worry investors, the euro was able to stage a relief rally against its major counterparts. EUR/USD rose 144 pips to climb above the 1.4500 handle while EUR/JPY gained 56 pips to finish above 113.00. Read more…

British Pound (GBP)

Ain’t no thang but a chicken wing! On the strength of relatively decent economic data, Cable soared to its highest level in 6 weeks, gaining 124 pips to finish at 1.6414. Can the pound continue to dominate or is a midweek reversal in play? Read more…

Japanese Yen (JPY)

The Japanese yen chalked up losses against most of its major counterparts, except for the U.S. dollar. EUR/JPY ended 56 pips up from its 112.53 open price while AUD/JPY landed 40 pips above the 85.00 psychological handle. USD/JPY, on the other hand, fell to a new low at 77.83. Read more…

Canadian Dollar (CAD)

And just like that, the Loonie’s at a new three-year high! The Canadian currency had its way with the Greenback yesterday as U.S. debt ceiling concerns dragged USD/CAD down. The pair finished 32 pips lower, hitting levels untouched since November 2007. How long can it keep this up? Read more…

Australian Dollar (AUD)

Up, up, here we go! The Aussie continued to take advantage of U.S. dollar weakness as AUD/USD reached a high of 1.0967 yesterday. AUD/JPY also strengthened as it closed 40 pips above the 85.00 handle. Read more…

New Zealand Dollar (NZD)

Ain’t no thang but a Kiwi wing! For the 6th consecutive day, NZD/USD closed higher, as the pair closed another 50 pips higher at .8716. Is there no stopping the mighty Kiwi? Read more…

Swiss Franc (CHF)

The Swiss franc continued its dominance of the charts, setting yet another all-time high versus the dollar. USD/CHF is now just above the .8000 handle. To put things in perspective, the pair has now dropped 1300 pips from its opening price this year! Ka-chow!!! 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!