Daily Forex Fundamentals – May 8, 2013

What’s on the Economic Horizon

German Industrial Production on Tap
New Zealand Quarterly Employment Figures Due Tonight
RBA Surprises Markets with Rate Cut

U.S. Dollar (USD)

Mixed results for the dollar today, as it won out against the pound, Aussie, and Kiwi, but lost against the Loonie and the yen. What in the world of forex is happening?! Read more…

Euro (EUR)

Whoa! Look at the euro soar… and drop. EUR/USD skyrocketed from its intraday low of 1.3067 to tap 1.3133 following a better-than-expected report from Germany. However, the rally wasn’t sustained. The pair dropped like a rock a couple of hours after to finish 3 pips above its opening price at 1.3077. Read more…

British Pound (GBP)

Whoa! Where did all the buyers go?! It seems as though the bulls have abandoned the pound, leaving it at the mercy of sellers. Because of a strong selloff in the London session, GBP/USD lost 60 pips and finished at 1.5481. Meanwhile, GBP/JPY tumbled from a high of 154.51 to land at 153.27, posting a 113-pip loss on the day. Read more…

Japanese Yen (JPY)

Just when you thought that the yen would continue to sink to new lows, the yen bulls pulled out their ninja stars and sliced their way to victory yesterday posting decent gains against the euro, pound, and dollar. Could this be the beginning of a huge retracement on yen pairs? Read more…

Canadian Dollar (CAD)

All aboard the Loonie train! The comdoll extended its gains against the dollar. Yesterday, USD/CAD finished the day lower at 1.0044 with a 24-pip gain for the Loonie. Will the pair’s next stop be at parity? Read more…

Australian Dollar (AUD)

The Aussie just went down under folks… down under support that is! Thanks to a surprise from the RBA, the Aussie found itself sinking across the chart. AUD/USD eventually ended the day at 1.0182, down 70 pips from its opening price. Read more…

New Zealand Dollar (NZD)

Once the opening bell rang, sellers took immediate control of NZD/USD and never looked back! From its opening price of .8523, the pair was dragged down until it ended at .8456 to lock in a 67-pip loss on the day. Read more…

Swiss Franc (CHF)

Tuesday wasn’t a good day for the Swissy – it wasn’t able to put up a single win against its major counterparts! While USD/CHF crawled 17 pips higher to .9402, EUR/CHF climbed 26 pips to finish at 1.2296. Will it keep losing ground today, or will we see a midweek reversal? Read more…

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