What's on the Economic Horizon
U.S. consumer sentiment to drop from 79.3 to 77.5 in June
BOJ rate decision scheduled today
ECB head Draghi set to testify
U.S. Dollar (USD)
And the Biggest Loser is... The Greenback! Weak economic data from the U.S. triggered another sharp dollar selloff yesterday as traders priced in the increased odds of QE3. Will the Greenback have a chance to redeem itself today? Read more...
Despite rising European bond yields, the euro remained steady in yesterday's trading action and actually chalked up another victory versus the dollar. For the first time in nearly 7 weeks, EUR/USD posted its third consecutive gain, rising 38 pips above its opening price to finish at 1.2620. Read more...
British Pound (GBP)
What's that? More QE from the BOE? No problem! The pound bulls were able to flex their muscles yesterday despite the release of bearish reports in the euro zone. Cable went up to 1.5559, while Guppy also enjoyed a 27-pip rally? What happened exactly? Read more...
Japanese Yen (JPY)
Consolidation was the name of the game for the Japanese yesterday as it moved sideways against most of its major counterparts. USD/JPY managed to stay above the 79.00 handle while GBP/JPY ranged around the 123.00 mark. Will the BOJ rate decision trigger a breakout today? Read more...
Canadian Dollar (CAD)
Risk appetite seemed to pick up slightly yesterday, allowing the Loonie to erase its recent losses and jump ahead of the dollar. By the end of the day, USD/CAD was trading at 1.0237, down 55 pips from its opening price. Read more...
Australian Dollar (AUD)
Is that a breakout for real? After testing the resistance at parity thrice, AUD/USD seems to have made a convincing upside breakout as the U.S. dollar sold off heavily yesterday. Can the Aussie hold on to its gains and stay above parity today? Read more...
New Zealand Dollar (NZD)
Right through the .7800 handle! The Kiwi broke above the major psychological resistance yesterday as the Kiwi traders joined the bulls' bandwagon. NZD/USD flew by 66 pips and blasted above the .7800 handle to end the day at .7814. Booyah! Read more...
Swiss Franc (CHF)
The SNB sure was on a defensive mode yesterday! Like a momma bear defending her cubs, the SNB explicitly stated that it won't tolerate more franc strength. So why did the franc strengthen further? EUR/CHF barely reacted to the news, while USD/CHF fell by another 36 pips to .9518. Read more...
Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.
Head on to Big Pippin's Daily Chart Art for some pip-locking technical setups!
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