Daily Forex Fundamentals – July 6, 2011

What’s on the Economic Horizon

ISM Manufacturing Index to Tick Slightly Lower to 53.9
Moody’s Downgrades Portuguese Debt
Halifax HPI for June Eyed at 0.1%

U.S. Dollar (USD)

Thanks to the slight case of risk aversion in the markets yesterday, the U.S. dollar was able to post some solid gains. As usual, the source of risk aversion was disappointing news and data from euro zone. The U.S. dollar index which measures the performance of the U.S. dollar using a basket of other major currencies rose to 75.01 from 74.71. Read more…

Euro (EUR)

Just when we thought the worse was over for the euro, Moody’s came in to spoil the party. Moody’s hit the market with a surprise downgrade, which sent the euro tumbling late in the New York session. EUR/USD dropped a solid 109 pips on the day to close at 1.4423. Read more…

British Pound (GBP)

After positive data fueled the pound to its intraday high at 1.6129, bears locked in on GBP/USD like a missile and blasted it down to close the day 17 pips lower from its opening price at 1.6065. Read more…

Japanese Yen (JPY)

Trouble is brewing in the Land of the Rising Sun and traders are taking notice! Political squabbles in Japan dampened demand for the yen, causing USD/JPY to rise by 25 pips to 81.25 while CHF/JPY rocketed by 120 pips to 96.43. More…

Canadian Dollar (CAD)

Yeouch! Despite the rise in oil prices and other commodities, the Canadian dollar found itself on the losing end yesterday. USD/CAD rose 23 pips to finish the day at .9631. Read more…

Australian Dollar (AUD)

What’s up mates? Well, the Aussie sure isn’t after losing 40 pips to the dollar in yesterday’s trading. AUD/USD peaked at 1.0748 before tumbling to its closing price of 1.0692. Read more…

New Zealand Dollar (NZD)

Just when Kiwi bulls were about to celebrate the comdoll’s new all-time high against the dollar at .8330, bears pounced in on NZD/USD until the pair closed 47 pips below its opening price at .8245. Read more…

Swiss Franc (CHF)

Data, schmata! The Swissy didn’t need economic reports to score epic wins against its counterparts in yesterday’s trading. After opening at .8485, USD/CHF dropped to end the day at .8406. Meanwhile, EUR/CHF ended the day 206 pips lower from its opening price at 1.2124. 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!

  • PippinCycle

    MBA Mortgage Applications report which is the leading indicator of US housing market was released today11:00 GMT, but it’s not included in the calendar, could you please explain if this report is useful or not. Or if there are some reports which you will not be putting on calendar for specific reasons. Thanks for the good works.