Daily Forex Fundamentals – June 10, 2011

What’s on the Economic Horizon

Canada: 20K More Jobs Added in May?
U.K. manufacturing output flat in April?

U.S. Dollar (USD)

Positive data, positive dolla! Thanks to upbeat economic numbers, the dollar was able to post nice gains across the board, losing only to the higher-yielding comdolls. How will it act today? Read more…

Euro (EUR)

What the heck just happened?! Even with Trichet saying his favorite catch phrase “strong vigilance,” the euro came tumbling down yesterday! EUR/USD closed 59 pips lower at 1.4511, after it had been trading as high as 1.4649 earlier in the day. Read more…

British Pound (GBP)

Like most higher-yielding currencies, the pound fell victim to the dollar’s strength yesterday. Darn! It could have had it all, rolling in the pip-deeps! But GBP/USD fell from an intraday high of 1.6467, closing 24 pips lower from its opening price at 1.6371. Read more…

Japanese Yen (JPY)

All together now, men! Let’s ditch the yen! Disappointing data and a healthy risk appetite set the stage for broad yen weakness as USD/JPY joined the yen crosses and rallied up the charts, posting a 36-pip rise for the day. Read more…

Canadian Dollar (CAD)

Adapt and overcome!!! Despite poor economic data, the Canadian dollar found itself trading higher versus the dollar. USD/CAD bounced off the key .9800 handle and closed 45 pips lower for the day at .9732. Read more…

Australian Dollar (AUD)

Big ups to the Aussie for staging a comeback and pulling off a last minute win over the Greenback! After taking an early hit from weak employment data, the Aussie rallied late in the New York session with help from improved risk appetite. As a result, AUD/USD was able to close at 1.0629 after hitting an intraday low of 1.0563. Read more…

New Zealand Dollar (NZD)

Whoever said the Kiwi couldn’t fly was dead wrong! Thanks to the RBNZ’s optimism, NZD/USD skyrocketed to a new all-time high at .8302 before ending the day 114 pips higher from its opening price at .8268. Boo yeah! Read more…

Swiss Franc (CHF)

Aha! It looks like all ’em Swissy bulls were still M.I.A. in yesterday’s trading! The Swissy lost to the dollar when USD/CHF traded higher after opening at .8360. It spiked up to its intraday high of .8446 before closing at .8412. It also lost to the euro as EUR/CHF ended the day 25 pips higher from its opening price at 1.2207. 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!