Daily Forex Fundamentals – June 6, 2011

What’s on the Economic Horizon

RBA Statement Less Than 24 Hours Away
BOE Rate Statement Due Later This Week
Canadian Ivey PMI to climb to 59.1

U.S. Dollar (USD)

You almost couldn’t hear the sound of dollar bulls’ hearts breaking in all the commotion the ugly NFP report caused last Friday… ALMOST. With such disappointing labor market data, the dollar was sold off faster than you can say “Parlay!” As a result, it found itself losing to all its major counterparts save for the Loonie and Kiwi. More…

Euro (EUR)

Instead of getting down on Friday, the euro spent more than half a day sizing up its counterparts before launching an attack during the U.S. session. Because of that, both EUR/USD and EUR/JPY were able to end the day with a win. EUR/USD closed above the 1.4600 handle while EUR/JPY landed 7 pips shy of the 117.50 level. Will the euro be able to hold on to its gains? More…

British Pound (GBP)

Well that was no trouble at all! The pound soared up the charts on Friday, taking advantage of the dollar’s weakness following the NFP report. After trading as low as 1.6287, GBP/USD managed to buck its losses and close at 1.6428, good for a 60 pip gain on the day. More…

Japanese Yen (JPY)

“Om-nom-nom-nom!” went Yen traders as they got their grub on and gobbled up the Japanese currency last Friday. The markets just couldn’t resist it because it looked so darn delicious in light of the U.S.’s weak employment data. The yen beat out almost all of its major counterparts as USD/JPY tumbled 68 pips to 80.24. More…

Canadian Dollar (CAD)

“Take that, Greenback!” yelled the Loonie last Friday when it took the weak U.S. jobs report as a chance to retaliate against the U.S. dollar. Even though USD/CAD reached a high of .9853, Loonie strength pushed the pair down to close at .9782. But will today’s set of Canadian data change all that? More…

Australian Dollar (AUD)

Up, up, here we go! Just like the Far East movement’s hit single Rocketeer, Aussie rallies never get old! Even with the AIG services index ticking down, the Aussie dollar was able to rise above its American counterpart, pushing AUD/USD up 43 pips to 1.0721. More…

New Zealand Dollar (NZD)

After trading lower to start the day, the Kiwi made a strong comeback during the New York session. NZD/USD traded as low as .8073 before recovering to close at .8150, marking a loss of just 13 pips for the day. More…

Swiss Franc (CHF)

We sure Dirk Nowitzki ain’t Swiss? Cause he’s money just like the Swiss franc!!! Once again, the franc tore up the charts, beating up its favorite punching bag, the dollar. USD/CHF sank to new lows, finishing 70 pips lower at .8352. 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!