Daily Forex Fundamentals – June 6, 2012

What’s on the Economic Horizon

ISM Non-Manufacturing PMI Top Expectations
Australian GDP Much Higher Than Expected
ECB Interest Rate Decision to Rock the Euro?

U.S. Dollar (USD)

And just when we thought it was the bears’ turn to hustle, dollar bulls started to charge! The dollar ended the day higher against all of its counterparts save for the Aussie. USD/JPY closed the day 38 pips above its opening price at 78.75. Meanwhile, EUR/USD was down by 46 pips at 1.2452 by the end of the day. Read more…

Euro (EUR)

Finally, the big day has arrived – the much-anticipated ECB rate decision is just hours away! Will EUR/USD follow up yesterday’s 44-pip slide with another loss? Or will the pair finally break above 1.2500? Read more…

British Pound (GBP)

With all the old chaps over in London taking an extended break, pound trading pretty much remained within range yesterday. While GBP/USD hit a new weekly low at 1.5321, it recovered quite well to finish at 1.5384, just 6 pips below its opening price. Meanwhile, GBP/JPY managed to post a 52-pip win to close at 121.13. Read more…

Japanese Yen (JPY)

Boy, did the yen have a bad day yesterday. It scored losses against all of its major counterparts as more talks of intervention hit the markets. USD/JPY closed 38 pips above its opening price at 78.75. Meanwhile, EUR/JPY ended the day 11 pips above its opening price at 98.05. Read more…

Canadian Dollar (CAD)

Yesterday marked the Loonie’s second straight victory against the Greenback as demand for the Canadian currency kept USD/CAD from rising above the 1.0400 resistance zone. With help from the BOC rate decision, sellers were able to push the pair another 17 pips down to 1.0379. Read more…

Australian Dollar (AUD)

The Aussie’s makin’ waves! It was one of the only two currencies among the majors to score a win against the dollar yesterday. AUD/USD ended the day 13 pips above its opening price at .9744. Read more…

New Zealand Dollar (NZD)

Even with risk aversion making a slight comeback yesterday, the Kiwi’s losses were somewhat limited. NZD/USD closed at .7564, just 9 pips below its daily open price. Will the consolidation continue for the Kiwi or is a breakout imminent? Read more…

Swiss Franc (CHF)

Looks like the Swissy bulls just can’t gain any steam! For the second time in the past 25 days, the franc’s winning streak could only hit two in a row, as USD/CHF finished 33 pips higher at .9643. 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!