Daily Forex Fundamentals – June 20, 2011

What’s on the Economic Horizon
ECOFIN meetings to discuss Greek aid plan
BOC Governor Carney to testify today

U.S. Dollar (USD)

As my momma always used to say, things can always change on a dime! And that’s exactly what happened last Friday! A day after dominating the market, the dollar went right back to its losing ways. EUR/USD closed 7 pips above the 1.4300 handle. Read more…

Euro (EUR)

EUR/USD jumped by more than 120 pips from its 1.4184 open price last Friday, boosted by news that euro zone leaders could reach an agreement on how to solve Greece’s debt problems. EUR/CHF also enjoyed its share of gains as it climbed 90 pips up from its 1.2047 open price. And that’s how you make a comeback! Read more…

British Pound (GBP)

Just like my boy Ryan Reynold’s Green Lantern, the pound got hammered across the board last Friday when the lack of economic reports from the U.K. did nothing to cancel out the bad vibes from weak economic data early in the week. GBP/USD dropped 40 pips from its intraday high to 1.6154, while GBP/JPY also dropped by 75 pips to 129.48. Read more…

Japanese Yen (JPY)

Who says it’s not fun in the Land of the Rising Sun? Thanks to bullish comments from Japanese officials and lingering risk aversion in markets, the yen was able to gain against most of its major counterparts last Friday. USD/JPY ended up falling to the major psychological level at 80.00, while EUR/JPY ended the day on a deadlock at 114.48. Read more…

Canadian Dollar (CAD)

Whew, that was a close battle! USD/CAD was all over the charts last Friday when a burst of risk appetite inspired mixed reaction from the dollar bulls and bears. The pair dropped to an intraday low of .9773 in the Asian session before it finished strong just above the .9800 handle. Read more…

Australian Dollar (AUD)

Saved by risk appetite! While Australia was chillin’ like a villain with no economic reports released last Friday, a wave of risk appetite in markets cheered the Aussie into driving AUD/USD 77 pips higher than its open price at 1.0618. Read more…

New Zealand Dollar (NZD)

Who needs economic reports when you got risk appetite pumping a comdoll rally? No economic reports were printed from New Zealand last Friday, but the Kiwi enjoyed a nice rally against the Greenback when NZD/USD capped the week at 108 pips above its intraday low at .8122. Read more…

Swiss Franc (CHF)

Mixed results for the franc to end last week, as it gained versus the dollar, but took a hit against the euro. USD/CHF closed 11 pips lower at .8483, while EUR/CHF popped up to 1.2137, up 90 pips for the day. Read more…