Daily Forex Fundamentals – June 24, 2011

What’s on the Economic Horizon
German Ifo business climate index to drop this June?
BOE Governor King set to talk about financial stability
U.S. durable goods orders could rebound in May

U.S. Dollar (USD)

Thanks to risk aversion, which extended its stay in the markets, the Greenback managed to score back-to-back wins. Its only stalemate was against the Swiss franc, as USD/CHF closed right at its .8390 open price. Will the U.S. dollar be able to keep up its winning streak until the end of this week? Read more…

Euro (EUR)

Strike two! For the second straight day, EUR/USD ended the U.S. trading session 98 pips lower than its opening price. Risk aversion managed to find its way to the markets and cause in a massive sell-off in higher-yielding currencies like the pound, the euro, the commodity-based dollars. Read more…

British Pound (GBP)

It’s strike two for the pound! For the second day in a row, disappointing economic reports from the U.K. failed to support the pound in the charts. GBP/USD fell by another 57 pips to 1.6012, while GBP/JPY also inched 5 pips lower at 129.00 after dropping to an intraday low of 128.47. Read more…

Japanese Yen (JPY)

Risk sentiment was in favor of the Japanese yen yesterday as it gained ground against most of its counterparts. However, it didn’t do so well against the U.S. dollar and the Swiss franc, its safe-haven rivals. USD/JPY closed at 80.57, up 25 pips from its open price. Find out where the yen pairs are headed today! Read more…

Canadian Dollar (CAD)

When risk aversion hits the market, which currencies usually take the hardest hit? The comdolls of course! The Loonie after its strong performance early in the week, staged a massive fall across the board yesterday. USD/CAD, for instance, closed the U.S. trading session at .9781, 52 pips higher from its Asian session opening price. Read more…

Australian Dollar (AUD)

Argh! The Aussie seemed frustrated with losing two days in a row against both the Greenback and the Japanese yen. Still, AUD/USD fought hard to stay above the 1.0500 handle while AUD/JPY closed at 84.85. Can the Aussie bounce back before the end of the week? Read more…

New Zealand Dollar (NZD)

Whew, that was a close one! After dropping to an intraday low of .8081 late into the U.S. session, NZD/USD quickly rebounded and ended the day 5 pips higher at .8149. What saved the Kiwi this time? Read more…

Swiss Franc (CHF)

And the franc takes home the bacon again! Due to better-than-expected trade numbers, the franc was able to get a nice lift against its counterparts. USD/CHF fell by 50 pips from its intraday high at .8390, while EUR/CHF also slipped by 83 pips to 1.1964. Read more…

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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!