Daily Forex Fundamentals – July 31, 2013

What’s on the Economic Horizon

German Retail Sales Growth Seen at 0.1%
FOMC Statement: Hawkish or Dovish?
Monthly Canadian GDP Projected at 0.2%

U.S. Dollar (USD)

Boom! There just ain’t nothin’ like good data to get the dollar rallying! Just when everyone thought that the Greenback would finish the day in the bear lair yesterday, the Conference Board consumer confidence index surprised the markets with awesome news. Read more…

Euro (EUR)

The euro bulls and bears locked horns (and paws?) yesterday, but neither side was able to gain the upper hand. EUR/USD traded within its daily range and eventually closed at 1.3262, just 4 pips below its opening price. Will one of the camps be able to gain momentum today? Read more…

British Pound (GBP)

Ka-blam! The pound got slammed across the board yesterday as traders positioned themselves ahead of the BOE’s monetary policy decision. GBP/USD and GBP/JPY ended the day in the red while EUR/GBP popped up to last week’s highs. Read more…

Japanese Yen (JPY)

The yen had no swag on the charts in yesterday’s trading. It gave up 11 pips to the euro when EUR/JPY closed at 130.01 and 10 pips to the dollar when USD/JPY closes at 98.06. Read more…

Canadian Dollar (CAD)

So much for having a bullish effect on the CAD! Despite better than expected results from the RMPI, the Canadian dollar stumbled in yesterday’s trading, as USD/CAD climbed 42 pips to finish above the 1.0300 handle. What gives? Read more…

Australian Dollar (AUD)

Boy, did the Aussie get hit hard! No thanks to RBA Governor Stevens’ dovish words yesterday, the Aussie sank even lower on the charts. AUD/USD dropped from .9206 to finish the day at .9063. What the heck did he say? Read more…

New Zealand Dollar (NZD)

Back-to-back, baby! NZD/USD was dragged deeper into the bear lair yesterday despite the lack of report from New Zealand. Did the Kiwi’s losses have something to do with Australian reports? Read more…

Swiss Franc (CHF)

Just like Batman, you know you can count on the low-yielding currencies in times of fear and uncertainty. Thanks to positioning ahead of the major monetary policy announcements this week, the franc edged higher against the dollar and the euro. 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!