Daily Forex Fundamentals – May 14, 2012

What’s on the Economic Horizon

Swiss PPI on tap
Italian bond auction to be held in London session
U.S. retail sales due tomorrow

U.S. Dollar (USD)

The dollar had its ups and its down last Friday as the U.S. printed mixed economic reports. On the charts, it extended its gains against most of its major counterparts, but it lost a bit of ground to the yen and Loonie. What can we expect from it this week? Read more…

Euro (EUR)

For the seventh time in eight trading days, the euro finished weaker last Friday, as EUR/USD closed 21 pips lower at 1.2923. For the week, EUR/USD finished just over 100 pips below its weekly opening price. Will the euro continue to slide down the charts this week or can it make an unlikely comeback? Read more…

British Pound (GBP)

Boy, did the pound paint the charts red on Friday–with red candlesticks, that is! GBP/USD opened at 1.6152 and plunged straight down, closing the day at 1.6075. Against the yen, the pound gave up 67 pips and ended the week at 128.47. Read more…

Japanese Yen (JPY)

Say hello to last Friday’s top dog! Once again, the yen was the king of the hill as the markets still had a weak appetite for risk. USD/JPY inched 4 pips down to 79.92 while GBP/JPY erased all of its gains from Thursday and fell 67 pips down to 128.47. Read more…

Canadian Dollar (CAD)

Where do you think you’re going, Loonie? Definitely not above 1.0050! Once again, USD/CAD found resistance at 1.0050 too tough to handle and ended up closing just above parity. Will the long-term resistance level continue to hold up this week? Read more…

Australian Dollar (AUD)

Welcome to bear country! Once again, AUD/USD was the scene of another sell-off as weak data from China sapped demand for the high-yielding Aussie. The pair edged 68 pips closer to parity as it greeted the weekend at 1.0031. Read more…

New Zealand Dollar (NZD)

It looks like the beating still ain’t over for the Kiwi. NZD/USD traded lower during the Tokyo session on Friday, reaching rock-bottom at .7811, before rallying. Sadly, it looks like the comdoll didn’t have enough piptorade left in it to close the week with a win. NZD/USD closed 16 pips below its opening price at .7939. Read more…

Swiss Franc (CHF)

USD/CHF continued to range like a Range Rover on Friday. Although resistance still held at the .9300 handle, the Swiss franc wasn’t able to hustle past support around .9280. By the day’s close, the pair was up 15 pips from its opening price at .9295. Read more…

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Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!