Daily Forex Fundamentals – June 1, 2011

What’s on the Economic Horizon

U.K. manufacturing PMI slated to tick lower

U.S. ADP to show increase of 177,000?
Australian GDP contracts 1.2% in Q1
Swiss retail sales to rise 1.9%?

U.S. Dollar (USD)

Greenback, where are you goin’?! Fresh off the Memorial Day weekend, the dollar was quick to get back into action but it couldn’t quite decide where to go! Though it traded higher against most of its counterparts, it weakened against the euro and the Loonie. Where will it go today? Read more…

Euro (EUR)

“One day EUR in, and the next day EUR out.” The euro bulls were definitely in the zone yesterday as they pushed the euro significantly higher against its counterparts despite the release of worse-than-expected economic reports from the region. The euro blasted the yen with a 172-pip gain, while EUR/USD also posted a 109-pip win. Read more…

British Pound (GBP)

Boo hoo! The pound got clobbered by the Greenback yesterday as GBP/USD dropped by almost a hundred pips from a high of 1.6548 to close at 1.6451. Against the yen, the pound performed much better as it ended the day 81 pips higher than its 133.30 open price. How will today’s U.K. reports impact the pound? Read more…

Japanese Yen (JPY)

Sell, sell, sell! The yen was taken deep into the bear lair yesterday as sellers went crazy after Moody’s threatened to downgrade Japan’s credit rating. When the dust finally settled, USD/JPY found itself 58 pips higher while EUR/JPY ended 172 pips higher. Read more…

Canadian Dollar (CAD)

Now that’s how you break a consolidation! Thanks to hawkish statements from the Bank of Canada, USD/CAD broke its tight consolidation and plunged to an intraday low of .9655 before capping the day with an 80-pip loss at .9692. Will this move continue for the rest of the week? Read more…

Australian Dollar (AUD)

With the mixed reports we got from Australia yesterday, it’s no wonder Aussie traders didn’t know where to go! AUD/USD traded to an intraday high of 1.0758 before it came back down to end the day practically unchanged at 1.0678. Read more…

New Zealand Dollar (NZD)

Reaching for record highs must’ve been really exhausting for the Kiwi, which was probably why it had to take a breather yesterday. NZD/USD stalled below the .8250 mark and closed at .8242. Will today’s reports jump start another Kiwi rally? Read more…

Swiss Franc (CHF)

The Swissy seemed to lose its cool yesterday when traders flocked back to the euro. EUR/CHF jumped by almost a hundred pips from its 1.2180 open price to close at 1.2275. Meanwhile, USD/CHF landed back above the .8500 handle. Is the Swissy about to erase its recent gains? 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!