Daily Forex Fundamentals – June 2, 2011

What’s on the Economic Horizon

U.S. reports print lower than expected

Australia’s retail sales climb by 1.1% in April
U.K. construction PMI due today

U.S. Dollar (USD)

Blarghaaahgahgahah!!! Though the Greenback’s performance yesterday was as scattered as the dudes in The Hangover 2 when risk aversion in markets played tug-of-pips with weak U.S. fundamentals. Though USD/CHF made fresh record lows at .8383, GBP/USD also dropped by 112 pips to 1.6339. Read more…

Euro (EUR)

So much for trying to stay above the 1.4400 mark! EUR/USD struggled to stay afloat but gave way when weak U.S. data spurred risk aversion. After reaching a high of 1.4460, EUR/USD ended the day at 1.4341. Meanwhile, EUR/JPY closed 125 pips lower than its 117.31 open price. Read more…

British Pound (GBP)

And that makes it 0-3! The pound racked up its third loss this week as GBP/USD posted a 112-pip drop following the release of weak manufacturing data. If it keeps this up, it’s likely to get swept just like the Lakers! Read more…

Japanese Yen (JPY)

Hiyaaah! The yen might be no Kun Fu Panda’s Po, but it can certainly kick butt in the charts! Risk aversion turned out to be the yen’s ally as traders dumped the high-yielding assets in favor of the yen. For one, EUR/JPY finished the day with a 128-pip drop to 116.03, while USD/JPY also declined by 61 pips to 80.91. Read more…

Canadian Dollar (CAD)

At first, the Loonie seemed to be doing just fine while fighting to hold on to its recent gains against the Greenback. USD/CAD consolidated below the .9700 handle right before the U.S. session but the Loonie lost its cool when risk aversion gripped the markets. Because of that, USD/CAD broke higher and closed at .9756. Read more…

Australian Dollar (AUD)

Geronimooooo!!! The Aussie sharply went down under against its major counterparts yesterday when a worse-than-expected GDP report lined up with the risk aversion that loomed over markets. After tipping an intraday high near 1.0750, AUD/USD plunged hard and ended the day with a 62-pip loss at 1.0616. Read more…

New Zealand Dollar (NZD)

Risk off! NZD/USD fell 80 pips as yesterday’s bout of risk aversion had traders cowering away from the high-yielding Kiwi towards the safe haven dollar. Ain’t nobody buyin’ the Kiwi in times like these! Read more…

Swiss Franc (CHF)

The Swiss franc’s performance yesterday was exactly like Lebron James’ in game 1 of the NBA finals… downright beastly! With risk aversion and positive Swiss data giving it a boost, it easily trumped its major counterparts, sending USD/CHF down 104 pips and EUR/CHF down 191 pips. 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!

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