Daily Forex Fundamentals – June 27, 2011

What’s on the Economic Horizon

U.S. core PCE price index on tap
Decline in Japanese retail sales to soften?
Canada to unload heavy reports this week

U.S. Dollar (USD)

Score another one for the dollar! It had an easy time extending its gains last Friday as risk aversion and positive U.S. data boosted it up the charts. But how will it fare this week? Read more…

Euro (EUR)

Like a blister on a foot that is felt with every step, concerns on Greece’s debt problems continued to weigh on the euro last Friday. EUR/USD fell by another 78 pips to 1.4181, while EUR/JPY went down by 79 pips to 114.10. Looks like euro traders are getting ready for battle, eh? Read more…

British Pound (GBP)

Try as it might to keep its head above the 1.6000 handle, GBP/USD had no choice but to close at 1.5970 because the pound was just too heavy last Friday. Guppy had its share of losses too as it closed 50 pips below its 129.00 open price. How low can the pound pairs go? Read more…

Japanese Yen (JPY)

King Kong ain’t got nothin’ on the yen! Even with no economic data to support its rise, the yen reigned supreme. Except against the Swissy, it gained against all of its major counterparts, riding waves of risk aversion all the way to the top of the charts! Read more…

Canadian Dollar (CAD)

Risk aversion and oil price speculation continued to pull the strings of the Loonie, causing it to slip down the charts last Friday. USD/CAD ended up climbing to an intraday high of .9887 before it capped the day at .9870, 90 pips higher than its open price. Read more…

Australian Dollar (AUD)

Poor Aussie! Traders didn’t want anything to do with it as risk aversion remained in play last Friday. Has it recovered since then? Read more…

New Zealand Dollar (NZD)

Kiwi bears are rawrin’ lately, huh? After falling by almost 150 pips on Friday, NZD/USD even gapped down by 20 pips over the weekend! Now that it’s edging closer to the .8000 major psychological level, this week’s economic data could determine whether the pair will make a bounce or go for a break. Read more…

Swiss Franc (CHF)

And the Swissy is back on track! Risk aversion pushed USD/CHF to test the .8350 support yet again, before the pair closed at .8377. Meanwhile, EUR/CHF successfully breached the 1.2000 handle as it closed at 1.1879. With Swissy pairs gapping lower over the weekend, will we see more gains from the franc? 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!

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