Daily Forex Fundamentals – June 7, 2011

What’s on the Economic Horizon
Bernanke to talk about U.S. economic outlook
Euro zone retail sales report due today
Swiss inflation flat in May

U.S. Dollar (USD)

It looks like the Greenback had risk aversion on its side again as the safe-havens outpaced the higher-yielding currencies yesterday. Its only loss was against its other lower-yielding rival, the Japanese yen, as USD/JPY ended 9 pips lower than its 80.25 open price. Read more…

Euro (EUR)

The euro zone didn’t have any big reports to spoil the euro’s recent rally, but the fact that financial bigwigs were bickering like little girls was enough to rain on the euro bulls’ parade. The lack of agreement over Greece’s debt helped push EUR/USD 50 pips down and EUR/JPY 57 pips down. Read more…

British Pound (GBP)

Busted! With the IMF not impressed with the U.K.’s outlook, the pound took a hit across the board yesterday. GBP/USD fell 63 pips to end the day at 1.6347 while GBP/JPY is now approaching key support levels around 131.00. Read more…

Japanese Yen (JPY)

Even though Japan didn’t release any economic figures yesterday, the Japanese yen was able to outwit, outplay, and outlast its major counterparts as risk aversion weighed on the markets. The yen even scored a win against the U.S. dollar, allowing USD/JPY to inch closer to the 80.00 handle. Will we see more wins from the yen today? Read more…

Canadian Dollar (CAD)

Full steam ahead! The bear train paid little attention to a solid Ivey PMI reading as sellers powered through the charts. They pushed USD/CAD 27 pips up to close above .9800 for the first time in over two months! Read more…

Australian Dollar (AUD)

Ouch! The Aussie took a hit yesterday as risk aversion popped its ugly head in the markets. AUD/USD closed a couple of pips below the 1.0700 handle while AUD/JPY fell by more than 25 pips from its open price. Could today’s RBA statement change all that? Read more…

New Zealand Dollar (NZD)

A slight wave of risk aversion kept the Kiwi from advancing up the charts yesterday. No worries though, as the damage wasn’t too significant. NZD/USD closed just 22 pips lower to finish at .8133. Read more…

Swiss Franc (CHF)

I guess you can’t win ‘em all! The franc gave back some pips to the dollar yesterday, as USD/CHF closed 13 pips higher to end at .8366. Then again, the franc did start last week with a before finishing off with four consecutive wins. Could we see a repeat this week? 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!

  • Pips

    I could not remember the CHF was the Swiss Franc, but I found this post and it reminded me.  Thanks for writing it, I wasn’t going to be able to sleep until I found it.  Thanks, Take care