Daily Forex Fundamentals – June 14, 2011

What’s on the Economic Horizon

U.S. Retail Sales and PPI to Provide Direction
BOJ: Another Lending Program in the Works?
BOC Carney to Speak in Front of Board of Trade

U.S. Dollar (USD)

One day you’re on top of the world, the next you’re down in the dumps – that’s what happens when you’re a currency in the forex market! After its super rally across the charts last Friday, the dollar found itself giving up a lot of ground versus other major currencies yesterday. By the end of the U.S. trading session, the dollar already gave up 109 pips to the pound and 68 pips to the euro. Read more…

Euro (EUR)

What a wacky world we live in! Even though Greece got hit with another debt downgrade, the euro still managed to post some gains yesterday! EUR/USD rose 68 pips to finish at 1.4415 while EUR/JPY closed at 115.63, up 38 pips on the day. Could this be the start of another bullish euro run, or will sellers find this as an opportunity to add to their short positions? Read more…

British Pound (GBP)

After its three-day losing streak, the pound came back in Monday’s trading with a vengeance against the dollar. (evil laugh) GBP/USD skyrocketed to its closing price of 1.6386 almost as soon as it opened at 1.6227. Meanwhile, GBP/JPY ended the day 108 pips higher at 131.42. Read more…

Japanese Yen (JPY)

Due to the absence of high-profile economic releases, the yen found itself unable to pick a clear direction yesterday. While it was able to gain slightly versus the dollar, it lost against the euro and the pound. Read more…

Canadian Dollar (CAD)

Green, red, green, red… That’s all I see on the daily chart of USD/CAD! For the 3rd consecutive time, a bearish red candle has followed a bullish green candle on the daily! After testing the .9800 handle, USD/CAD finished the day 30 pips lower at .9768. Read more…

Australian Dollar (AUD)

Who’s the champ? The Aussie’s the champ! Despite the empty economic calendar, the Aussie was able to stage a magnificent rally yesterday and close the U.S. trading session with a respectable 65-pip win versus the dollar. Hah, that’s risk appetite for ya! Read more…

New Zealand Dollar (NZD)

Bears rocked the Kiwi in the charts as another earthquake hit New Zealand. Yikes! After opening at .8214, NZD/USD tumbled to a low of .8115. It then ended the day 53 pips lower from its opening price at .8161, making it the only commdoll to score a loss against the dollar in yesterday’s trading. Read more…

Swiss Franc (CHF)

Aha! Look who’s been sneaking pips from its counterparts again! Despite the lack of economic reports from Switzerland, the Swissy was able to end yesterday’s trading with a 28-pip gain from the euro and a 58-pip win from the dollar. 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!