Daily Forex Fundamentals – May 10, 2012

What’s on the Economic Horizon

U.S. Jobless Claims To Tick in Higher?
Aussie Unemployment Down to 4.9%
CAD Trade Balance Figures on Tap
BOE Interest Rate Decision Due Today

U.S. Dollar (USD)

Chalk up another victory for the scilla baby! With the beat of risk aversion flowing throughout the market, the dollar bulls fist-pumped their way throughout the day. EUR/USD finally closed below the 1.3000 handle, while AUD/USD set a new year-to-date low at 1.0020. Read more…

Euro (EUR)

So long 1.3000! EUR/USD had been able to close above the major psychological handle for a couple of times in the past few months, but it looks like the euro didn’t have Lady Luck on its side yesterday. The pair tapped its 4-month low at 1.2911 before ending the day at 1.2947, 65 pips below its opening price. Read more…

British Pound (GBP)

The pound gave as good as it got yesterday as it weakened against the dollar but strengthened against the euro. Cable finished 9 pips lower at 1.6146 after hitting an intraday low of 1.6068, while EUR/GBP ended the day 36 pips below its opening price. What’s in store for the pound today? Read more…

Japanese Yen (JPY)

Oh boy, I bet our friends over at the BOJ are losing sleep over the yen’s recent dominance! Once again, yen crosses slid down the charts as traders keep unloading their risky positions. EUR/JPY set a new low below the 103.00 handle, while GBP/JPY tested below 128.00 before settling at around 128.50. Will the yen continue its hot streak today? Read more…

Canadian Dollar (CAD)

The Loonie joined its comdoll comrades in the losers’ bench yesterday as risk aversion continued to dictate market sentiment. USD/CAD rallied to its 4-week high at 1.0063 before closing the day 27 pips above its opening price at 1.0010. Read more…

Australian Dollar (AUD)

No need to change your glasses mate! What you’re seeing is fo’ rizzle! The Aussie just set a new 2012 low at 1.0020! Will the Aussie’s troubles continue or will we see a comeback soon? Read more…

New Zealand Dollar (NZD)

And the Kiwi’s slide continues! The Kiwi recorded its 7th loss in 8 days against the Greenback as risk sentiment favored NZD/USD sellers once again. With no reports to give it a boost, the pair ended up adding 26 pips to its tally of losses as it finished the day at .7849. Read more…

Swiss Franc (CHF)

Even the Swissy wasn’t immune to the dollar’s advances as it ended up giving ground to the American currency. USD/CHF trended up the whole day, eventually closing 45 pips higher at .9276. Meanwhile, EUR/CHF continued to crawl sideways and ended the day practically unchanged at 1.2011. 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!