Daily Forex Fundamentals – July 27, 2012

What’s on the Economic Horizon

Markets eye U.S. GDP growth at 1.5%
Swiss KOF economic barometer to rise to 1.24

U.S. Dollar (USD)

Play time’s over, folks! Dollar bears mean business! They took EUR/USD up 131 pips to 1.2287, while pushing GBP/USD 192 higher to end the day at 1.5691. The reason? Improved risk appetite! Are we witnessing a change in trend here? Read more…

Euro (EUR)

Super Mario saves the day! Remarks from the ECB head honcho Mario Draghi sent the EUR up, up, and away in yesterday’s trading. By the day’s close, the shared currency had scored a 131-pip win against the dollar as it finished at 1.2287. Meanwhile, EUR/JPY was up 106 pips from its opening price of 95.03. Read more…

British Pound (GBP)

Yowza! It’s not everyday that you see GBP/USD jump by around 200 pips! Cable finally broke out of its consolidation around the 1.5500 mark and rallied to the 1.5700 handle before closing at 1.5691. GBP/JPY had its fair share of gains as it climbed from its 121.16 open price to close at 122.71. Read more…

Japanese Yen (JPY)

Out of the way, yen sellers coming through! With risk appetite dictating price action on the charts, traders dumped the safe haven yen in favor of higher-yielding currencies. EUR/JPY rose 106 pips to 96.09 just as GBP/JPY surged 165 pips to 122.71. Will the yen see more losses today? Read more…

Canadian Dollar (CAD)

Market participants were all about risk-taking yesterday as ECB President Mario Draghi said that the central bank would do everything within its power to protect the euro. The Loonie, as a result, leapt higher than the safe haven dollar and ended the U.S. trading session 56 pips higher from its opening price. The Loonie marked its second straight day of gains. Read more…

Australian Dollar (AUD)

Back to back, homies! The Aussie registered its second straight win against the Greenback as risk appetite continued to push it higher up the charts. AUD/USD began the day at 1.0313, climbed straight to 1.0399 and never looked back. Read more…

New Zealand Dollar (NZD)

Fly, Kiwi, fly! NZD/USD soared by close to 150 pips yesterday as it ended the day 25 pips above the .8000 handle, even though New Zealand’s economic schedule was empty. What caused this sudden rally and will it carry on today? Read more…

Swiss Franc (CHF)

USD/CHF dropped it like it’s hot yesterday as the pair broke down from its consolidation around .9900 and fell to a low of .9742. After a bit of sideways movement towards the end of the U.S. session, the pair ended the day at .9744. Can the Swissy hold on to its gains today? 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!

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