Daily Forex Fundamentals – June 22, 2011

What’s on the Economic Horizon
FOMC might downgrade U.S. growth forecasts
BOE monetary policy meeting minutes due today
Swiss ZEW economic expectations to improve?

U.S. Dollar (USD)

Move over Greece, the U.S. just might have its own debt drama soon! Thanks to a warning from credit rating agency Fitch, the U.S. dollar lost ground against its major counterparts yesterday. Because of that, EUR/USD reached the 1.4400 handle while USD/JPY ended 17 pips above the 80.00 mark. Will the Greenback keep losing today? Read more…

Euro (EUR)

Earlier today, the Greek government managed to survive a very important confidence vote, giving EUR/USD a chance to stage a nice rally. EUR/USD traded as high as 1.4434, before falling back to 1.4370. Read more…

British Pound (GBP)

What weak report? The pound bulls shrugged off weak economic data from the U.K. yesterday and continued to push the pound higher against the Greenback. GBP/USD tipped an intraday high of 1.6254 before it capped the day with a 45-pip win at 1.6246. Read more…

Japanese Yen (JPY)

Improved risk appetite pushed the Japanese yen lower against most of its counterparts yesterday. It’s only win was against its safe-haven rival, the U.S. dollar, putting USD/JPY a few pips closer to the 80.00 handle. Will today’s set of economic data trigger a breakdown? Read more…

Canadian Dollar (CAD)

Losses. In the forex market, they’re as temporary as a yummy cheeseburger in front of contestants in “The Biggest Loser!” The Loonie, after it had given up some ground on Monday, managed to edge higher versus other major currencies. USD/CAD, for instance, closed the day 77 pips lower at .9724. Read more…

Australian Dollar (AUD)

If there’s one major currency that knows how to make a strong finish, that’s the Australian dollar! AUD/USD may have been off to a weak start but it was able to recoup its losses and end 34 pips higher than its 1.0569 open price. AUD/JPY was also able to walk off with a slight gain as it closed right at the 85.00 handle. Read more…

New Zealand Dollar (NZD)

Score one for the comdoll! The Kiwi joined the comdoll bandwagon yesterday and strengthened on broad Greenback weakness. NZD/USD closed with a 29-pip climb after reaching an intraday high of .8147. Read more…

Swiss Franc (CHF)

Boy was Forex Gump on the money when he said it’s time to load up on the franc! Though no economic report was released from Switzerland, the mighty franc showed muscle against its major counterparts. EUR/CHF might have steadied at 1.2106, but USD/CHF fell by another 61 pips to .8404. Boo yeah! Read more…