Daily Forex Fundamentals – June 4, 2013

What’s on the Economic Horizon
Canadian trade balance to print a small deficit
U.K. construction PMI on tap
U.S. trade deficit to widen in May

U.S. Dollar (USD)

Ka-pow! The Greenback got knocked out by its counterparts after a weak U.S. economic report fueled the recent dollar selloff. EUR/USD jumped by 80 pips while USD/JPY dropped to an intraday low of 98.86. What the heck happened?! Read more…

Euro (EUR)

Just when it seemed that the euro was getting knocked down during the start of the London session, EUR/USD got back up on its feet and staged a strong rally once the U.S. session came along. Heck, it even reached the 1.3100 mark! What happened? Read more…

British Pound (GBP)

Is that a bird? Is that a plane? No, it’s just Cable soaring through charts! Thanks to positive data, Cable, which began the day at 1.5213, found itself more than 100 pips higher at 1.5318 by the end of the U.S. trading session. Read more…

Japanese Yen (JPY)

Give another round of applause for the yen! The Asian currency gained for another day yesterday after weak Nikkei performance and U.S. manufacturing data boosted its demand. USD/JPY ended up 109 pips lower than its open price while EUR/JPY also slipped by 65 pips. Read more…

Canadian Dollar (CAD)

After a bit of indecision during the Asian session, the Loonie flexed its muscles during the U.S. session, taking USD/CAD all the way down to a low of 1.0260. Will the Canadian dollar continue to dominate today? Read more…

Australian Dollar (AUD)

Surf’s up, mates! The Aussie had a good day yesterday as Australia’s mixed reports and weak U.S. data translated to a strong comdoll across the board. AUD/USD shot up by as much as 149 pips and capped the day firmly above .9700. Read more…

New Zealand Dollar (NZD)

Whoa, what a rally! Due to negative U.S. data, the Kiwi was able to make significant advances yesterday. It opened the day at .7976, consolidated for the entire Asian and European trading sessions, and then skyrocketed to .8085 during the U.S. session. Overall, the pair gained 118 pips. Read more…

Swiss Franc (CHF)

The combination of good data from Switzerland and bad data from the U.S. enabled the Swissy to gain significant ground versus the Greenback yesterday. USD/CHF, which opened the day at .9567, closed the day almost 100 pips lower at .9473. Read more…

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