Daily Forex Fundamentals – June 8, 2011

What’s on the Economic Horizon

Beige Book To Reveal Struggling U.S. Economy
No Revisions Seen to EZ Q1 2011 GDP
Canadian Housing Starts Seen at 184,000

U.S. Dollar (USD)

And the dollar’s winning streak ends at one! Dollar weakness was back in vogue yesterday, which helped higher yielding currencies push higher. EUR/USD closed 117 pips higher at 1.4682, levels it hasn’t hit in just over a month. Meanwhile, USD/CAD backed off the .9800 handle, finishing 53 pips lower at .9755. Read more…

Euro (EUR)

The euro was so hot during yesterday’s trading, you could’ve cooked pipza on it. Ha! EUR/USD ended the day 117 pips higher at 1.4682. Against the yen, it was able to bag a 76-pip win when EUR/JPY parked at 117.48. More…

British Pound (GBP)

Weak economic data ain’t no thang to the pound! It shrugged off a negative reading from the BRC retail sales monitor and worse-than-expected results from the Halifax HPI to record a 92-pip gain over the Greenback and a 51-pip gain over the yen. Read more…

Japanese Yen (JPY)

Mixed results from yen pairs yesterday, as the yen lost out against most majors, but once again edged higher against the dollar. EUR/JPY recovered from its losses the previous day to test key resistance around 117.70, while USD/JPY dropped for the fourth consecutive day, closing 13 pips lower at 80.01. Read more…

Canadian Dollar (CAD)

Finally! After four consecutive days of losing to the dollar, the Loonie was able to hustle enough muscle to score a win from its counterpart. USD/CAD plunged to an intraday low of .9731 before ending the day 54 pips lower from its opening price at .9754. Read more…

Australian Dollar (AUD)

With the RBA giving us a rather flat tone in its interest rate statement, we didn’t see much change in AUD/USD trading. After spiking lower midway through Asian session, AUD/USD recovered and managed to close at 1.0712, a mere 13 pip gain for the day. Read more…

New Zealand Dollar (NZD)

That was downright tight, son! Thanks to New Zealand’s tighter budget deficit, the Kiwi looked tight on the charts! Buyers just couldn’t get enough of it as they pushed NZD/USD up from .8132 to .8203. Read more…

Swiss Franc (CHF)

No mercy! The Swissy didn’t let the dollar off the hook yesterday, even as every other major currency shot up the charts. USD/CHF held steady and closed 5 pips lower at .8361. 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!