Daily Forex Fundamentals – June 5, 2012

What’s on the Economic Horizon

ISM Non-Manufacturing PMI Due During New York Session
RBA Expected to Cut Rates by 0.25%
BOC Rate Decision to Shock the Loonie?

U.S. Dollar (USD)

Look out dollar bulls, it look as if the bears are waking up from their May hibernation! Just two trading days into June and it seems as if the markets are singing a different tune. EUR/USD rose for the second consecutive day to close 85 pips higher at 1.2498. Meanwhile, GBP/USD posted its first green candle in 10 days to finish at 1.5391, up 28 pips above its opening price. Read more…

Euro (EUR)

Make that two out of two! The euro extended its gains against the dollar and started the week on the right foot yesterday. EUR/USD dipped to an intraday low of 1.2386 before rallying and closing the day with an 85-pip win at 1.2498. Read more…

British Pound (GBP)

And the pound’s losing streak FINALLY comes to an end! After posting nine straight losses against the dollar, it was able to snatch a small victory away. Though it traded sideways for the most part, GBP/USD ended the day 28 pips higher at 1.5391. Read more…

Japanese Yen (JPY)

With risk appetite grumbling back into the market, the yen was set aside like an unappetizing bowl of veggies. EUR/JPY finished 99 pips higher to close at 97.95, while GBP/JPY ended the day at 120.61, up 61 pips from its opening price. Read more…

Canadian Dollar (CAD)

The Loonie finally hit the brakes yesterday to end the dollar’s winning streak at three. USD/CAD closed the day 7 pips below its opening price at 1.0396. Will it extend its gains in today’s trading? Read more…

Australian Dollar (AUD)

Surf’s up mate! Thanks to a wave of dollar selling in the markets, the Aussie climbed 55 pips higher to end the day at .9732. Can the Aussie continue its impressive run today or will it wipe out and lose all of yesterday’s gains? Read more…

New Zealand Dollar (NZD)

No ups and downs for the Kiwi this time around… it trended upwards the entire day! As traders ditched the Greenback on weak U.S. data, NZD/USD climbed up the charts to post a 40-pip gain and end at .7573. Will we see a repeat performance today? Read more…

Swiss Franc (CHF)

Make that two in a row for the Swissy! It bagged its second straight W against the dollar as USD/CHF slid 65 pips to .9610. Meanwhile, EUR/CHF remained lifeless and was practically unchanged at 1.2011. 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!

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