Daily Forex Fundamentals – July 5, 2011

What’s on the Economic Horizon
U.K. Services PMI on tap
Euro zone retail sales for May seen at -0.9%
Australia’s trade balance report surprises to the upside

U.S. Dollar (USD)

Boooring! The dollar didn’t really own the charts like fireworks on the fourth of July in yesterday’s trading. It lost 7 pips to the yen when USD/JPY ended the day at 80.80 and 2 pips to the euro when EUR/USD closed at 1.4533. Read more…

Euro (EUR)

While fireworks were aplenty in the U.S., EUR/USD found itself in steady mode as it just traded within a relatively tight 84-pip range. The pair topped out at 1.4579 and found a bottom just a few pips below the 1.4500 major psychological level. Read more…

British Pound (GBP)

With the Americans off chugging their beers and launching firecrackers, we didn’t see much movement on Cable. The pair traded within a relatively tight range of 90 pips and failed to make any significant new highs or lows. GBP/USD eventually closed just 19 pips higher to finish at 1.6082. Read more…

Japanese Yen (JPY)

Like a ninja, the Japanese yen subtly snuck pips out of the pockets of its counterparts in yesterday’s trading. It was able to bag 7 pips from the dollar when USD/JPY ended the day at 80.80. Meanwhile, EUR/JPY parked 9 pips lower from its opening price at 117.43. Read more…

Canadian Dollar (CAD)

Traders weren’t exactly feeling loco for the Loonie in yesterday’s trading. After opening at .9597, USD/CAD dipped to its intraday low at .9580 before ending the day higher at .9609. Read more…

Australian Dollar (AUD)

Geronimo!!! After opening at what would be its intraday high at 1.0785, the Aussie tumbled all the way down to 1.0712 where it bottomed against the dollar. Good thing the comdoll was able to somehow pare its losses when it ended the day at 1.0732. Read more…

New Zealand Dollar (NZD)

Wouldn’t it be nice to just sit back and chill out? Well, that’s exactly what the Kiwi did yesterday! With no data scheduled for release, NZD/USD traded within a range tighter than Big Pippin’s pants! The pair traded within a range of just 18 pips, closing 11 pips higher at .8293. Read more…

Swiss Franc (CHF)

Quiet day for the Swissy, as the pair just bounced up and down the charts but failed to make any headway in either direction. USD/CHF ultimately closed at .8484, down just 5 pips on the day. Read more…

Batman and Robin, bacon and eggs, 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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