Daily Forex Fundamentals – July 5, 2012

What’s on the Economic Horizon

ADP Non-Farm Employment Change on Deck
ECB Expected to Cut Rates
More QE for the BOE?

U.S. Dollar (USD)

The Greenback was able to smash both the pound and the euro to bits yesterday as investors priced in their bearish expectations on the upcoming central bank interest rate statements. EUR/USD closed the day with a 71-pip loss while GBP/USD suffered a 94-pip defeat. Read more…

Euro (EUR)

Even with Uncle Sam off on holiday, we actually saw some decent-sized moves on EUR/USD. The pair broke through support at around 1.2570 and eventually settled at 1.2536, marking a 70-pip loss on the day. Read more…

British Pound (GBP)

Look down below! The pound dropped like a rock in yesterday’s trading following the disappointing data that were released from the U.K. GBP/USD closed the New York session 100 pips below its opening price at 1.5590. Meanwhile, GBP/JPY ended the day at 124.51 after opening at 125.24. Read more…

Japanese Yen (JPY)

The yen shook things up yesterday as it traded mixed against other major currencies. The yen barely moved versus the safe haven dollar, but it did show some amazing strength against the European currencies like the euro and the pound. EUR/JPY fell to 100.08 from 100.63 while GBP/JPY dropped to 124.51 from 125.24. Read more…

Canadian Dollar (CAD)

Zzzzzz…. With U.S. traders off celebrating Independence Day, we were treated with an absolutely boring day on USD/CAD. The pair traded within a range of just 23 pips, eventually closing just a few pips above its opening price at 1.0131. With traders coming back from the holiday, could we be in for some nice moves today? Read more…

Australian Dollar (AUD)

Steady as she goes! AUD/USD stayed mostly on course the entire day as it simply traded within a relatively tight 60-pip range. By the end of the U.S. trading session, the pair was sitting at 1.0278, just 3 pips lower than its opening price that day. Read more…

New Zealand Dollar (NZD)

Doji alert! The Kiwi ended yesterday’s trading almost unchanged against the dollar, forming ANOTHER doji on the daily chart. NZD/USD consolidated below the .8050 minor psychological handle before closing the day just 1 pip below its opening price at .8039. Read more…

Swiss Franc (CHF)

The Swiss franc skied down the charts faster than an avalanche in yesterday’s trading. It scored a 55-pip loss to the dollar as USD/CHF ended the day at .9583. 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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