Daily Forex Fundamentals – July 1, 2011

What’s on the Economic Horizon

UoM Consumer Sentiment and ISM Manufacturing PMI reports on tap!
Japan’s Tankan reports tank in Q2 2011
Greece approves implementation of austerity package
Canadian GDP unchanged in April

U.S. Dollar (USD)

The dollar ain’t no DJ, but sure did throw in a good MIX yesterday. A good MIX of figures in its scorecard that is! Ha! USD/CHF ended the day 56 pips higher .8407. However, it lost 72 pips against the euro when the pair closed at 1.4502. Read more…

Euro (EUR)

Is this a glitch in the matrix or am I experiencing a case of deja vu? Because I swear I’ve seen this before! For the fourth straight day, the euro rallied hard as the Greek Parliament decided to approve the implementation procedures for its austerity package. What’s next? Read more…

British Pound (GBP)

Can you say comeback kid?! After dropping more than 120 pips early in the London session, GBP/USD recovered in the New York session, and eventually closed at 1.6049, marking just a 12 pip loss on the day. Read more…

Japanese Yen (JPY)

The Japanese yen failed to show its inner samurai strength on the charts yesterday as risk appetite kept it from rallying against most of its higher-yielding counterparts. Boo! It was only able to stab pips out of the dollar and the pound. Read more…

Canadian Dollar (CAD)

And with that, the Loonie completes its hat trick! For the third straight day, the Loonie surged up the charts and pushed USD/CAD another 62 pips down. Read more…

Australian Dollar (AUD)

Cowabunga! Aussie bulls caught another wave of risk appetite and cruised up the charts in yesterday’s trading. AUD/USD tapped an intraday high of 1.0751 before ending the day 49 pips higher from its opening price at 1.0724. Read more…

New Zealand Dollar (NZD)

Ki-weeeeeee!!!! The Kiwi started the day off on a solid note and there was just no turning back! NZD/USD set a new all-time high at .8319, before settling for a more modest gain of 42 pips to end the day at .8288. Read more…

Swiss Franc (CHF)

Is risk appetite really back or does everybody got their beer goggles on? The franc tanked yesterday, as investors sought out higher yielding currencies. USD/CHF rose 56 pips to close at .8407, while EUR/CHF rose a whopping 153 pips, marking the 4th consecutive day that the pair closed higher. 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!