Daily Forex Fundamentals – June 9, 2011

What’s on the Economic Horizon

U.S. Trade Balance Report Seen to Print Another Deficit
BOE: No Rate Change Expected
Will the ECB Sound Hawkish Enough?

U.S. Dollar (USD)

Aaaah… There’s nothing like good ol’ risk aversion to get dollar bulls shufflin’ up the charts, eh? The dollar scored a win against all of its major counterparts yesterday save for the yen. It gained the most from the euro with 112 pips, and the Aussie with 95 pips. Read more…

Euro (EUR)

On Tuesday it was hot, but on Wednesday it was NOT! Still ailing from the disagreement of financial bigwigs over Greece, the euro was dealt another blow as it was struck with a bit of risk aversion yesterday. As a result, traders ditched the shared currency like it was going out of style, pushing EUR/USD down 112 pips and EUR/JPY down 105 pips. More…

British Pound (GBP)

Wooooo! What a crazy day for the pound! It was all over the place thanks to some “miscommunication” from Moodys! GBP/USD sank to as low as 1.6453 before recovering to close at 1.6397, marking just a 43 pip decline for the day. With some top tier data coming up, what could be in store for Cable today? Read more…

Japanese Yen (JPY)

Other currencies ain’t got nothin’ on yen baby! The Asian currency won against all of its major counterparts yesterday. It extended its winning streak against the dollar to day six, with USD/JPY closing at 10 pips lower at 79.91. Meanwhile, EUR/JPY ended the day 105 pips lower at 116.42. Read more…

Canadian Dollar (CAD)

The Loonie gave back almost all of its gains from the previous day as USD/CAD chose to stay within the 100-pip range it has established over the past few days. Loonie sellers pushed the pair up from its opening price of .9754 to close just below the .9800 handle. Read more…

Australian Dollar (AUD)

The Aussie played slip ‘n slide on the charts yesterday. Too bad the comdoll ended the session with a 95-pip booboo. AUD/USD opened at 1.0710 and fell all the way down to its closing price of 1.0615. Ouch! Read more…

New Zealand Dollar (NZD)

B-b-boo y-y-yeah!!! Thanks to a rather positive tone by the RBNZ, NZD/USD soared higher earlier today. After closing 50 pips lower at .8153 yesterday, the Kiwi is now trading at this week’s highs around .8225. Could the pair make a run for the .8300 handle? Read more…

Swiss Franc (CHF)

What happened to all the Franc bulls?!? For the third consecutive day, the franc failed to make any headway against the dollar. USD/CHF traded within a tight range of just 35 pips and is still trading around the .8360 area. Could this be the bottom for the Swissy? Read more…

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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!