Daily Forex Fundamentals – June 3, 2011

What’s on the Economic Horizon

NFP report for April seen to print 185,000 increase in jobs

Euro zone officials close to announcing solution for Greece’s bailout
Will the service industry PMI be bearish or bullish for the pound?

U.S. Dollar (USD)

Master Shifu was right when he said, “Anything is possible with inner pips.” Despite all the bad news yesterday, the dollar only lost to the comdolls and the pound. In fact, it was still able to snatch 4 pips from the euro and end the day unchanged against the Swissy and the yen. Read more…

Euro (EUR)

They say that all things must pass. That doesn’t apply to Greece’s bailout problems just yet, but rumors about it sure helped the euro yesterday! Speeches on the issue and a successful bonds auction in Spain lifted the euro and sent EUR/USD 150 pips higher at 1.4491. Meanwhile, EUR/CHF also edged higher from its record lows at 1.2227. Read more…

British Pound (GBP)

What a topsy turvy day for the pound! After a bit of consolidation below 1.6350, GBP/USD leaped to the psychological 1.6400 handle then landed back at 1.6368. Meanwhile, GBP/JPY tossed this way and that when it found resistance around 132.75 and support at the 132.00 mark. Will pound pairs find a clearer direction today? Read more…

Japanese Yen (JPY)

Come out, come out wherever you are yen! The Asian currency seemed M.I.A in yesterday’s trading, losing 121 pips to the euro at 117.25 and ending the day unchanged against the dollar at 80.92. Read more…

Canadian Dollar (CAD)

Whew, that was a close one! The Loonie bears got busy early in the day when they pushed USD/CAD to an intraday high of .9810, but the comdolls soon eased their losses and the pair recovered to a close near its open price at .9756. Read more…

Australian Dollar (AUD)

That’s the way I like it… making pips to positive data! Holler! The Aussie grooved its way to the bull turf, bouncing from support at its opening price of 1.0617 a few times before ending the day at 1.0678. Read more…

New Zealand Dollar (NZD)

Rock a bye Kiwi on the tree top… NZD/USD looked like it was being lulled to sleep yesterday as it moved lazily across the charts. The pair simply swung back and forth between the .8163 open price and the .8115 area. Let’s take a peek at today’s economic schedule for New Zealand to see whether which reports could wake the Kiwi up. Read more…

Swiss Franc (CHF)

The Swissy sure knows how to keep it tight, huh? USD/CHF consolidated around its .8427 day open price for the entire day thanks to the lack of top-tier data from the U.S. and Switzerland. EUR/CHF, on the other hand, made a huge jump from a low of 1.2054 to a high of 1.2227 before closing at 1.2206. 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!