Daily Forex Fundamentals – June 17, 2011

What’s on the Economic Horizon

Preliminary University of Michigan Consumer Survey on Deck
2.14 Billion EUR Deficit Expected from Italy’s Trade Balance

U.S. Dollar (USD)

Winner, winner, chicken dinner! The Greenback pocketed tons of winnings yesterday as risk aversion extended its stay in the markets. On top of that, economic data from the U.S. beat expectations, fueling further demand for the U.S. dollar. How will it fare today? Read more…

Euro (EUR)

First it was down… then it was up! The euro pulled off a perfect reversal against the dollar yesterday, turning up from its intraday low of 1.4073 to close 13 pips higher at 1.4184. Read more…

British Pound (GBP)

Still no buyers for the pound! For the third day in a row, markets had no interest in buying the pound as U.K. retail sales came in worse than expected. GBP/USD ended at a new two-week low of 1.6147, 29 pips down for the day. Read more…

Japanese Yen (JPY)

Why thank you, risk aversion! Safe-haven rallies forced most major currencies to bow down to the Japanese yen yesterday. Even the U.S. dollar, which also benefits from risk aversion, ended lower against the yen as USD/JPY closed below the 81.00 mark. Can the yen hold on to its recent gains? Read more…

Canadian Dollar (CAD)

Oh boy, the Loonie must’ve been hurting from yesterday’s break up. That USD/CAD breakout to the upside, I mean! The pair broke above the major psychological resistance at .9700 and reached a high of .9899 as the safe-havens took the upper hand. Find out if the Loonie can put up a good fight today. Read more…

Australian Dollar (AUD)

The Aussie chalked up another losing day against the Greenback and the Japanese yen as risk aversion loomed like a dark cloud over the markets. Still, AUD/USD was able to keep its head above the 1.0500 level while AUD/JPY closed right at 85.00. Today’s set of economic reports could determine whether these support levels will hold or break. Read more…

New Zealand Dollar (NZD)

No special treatment for the Kiwi! Even though New Zealand pumped out a couple upbeat reports early in the morning, the Kiwi wasn’t spared from the risk aversion selloff. NZD/USD ended the day 15 pips lower at .8035 after dipping to an intraday low of .7971. Read more…

Swiss Franc (CHF)

Finally, signs of life from the Swissy! After going through a steep two-day slide, it bounced back against the dollar, rising 44 pips in light of the Swiss National Bank’s press con. Read more…

Batman and Robin, bacon and eggs, 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!