Daily Forex Fundamentals – May 16, 2011

What’s on the Economic Horizon

Home loans in Australia declined by 1.5% in March
Will the U.S. TIC report disappoint for the fourth month in a row?
Euro zone CPI reports on deck!

U.S. Dollar (USD)

Aaarg! During Friday’s trading, the dollar seemed lost like Jack Sparrow in a sea of pips! It gained against its higher-yielding counterparts, gaining 132 pips from the euro and 93 pips from the pound. However, it scored an 8-pip loss against the yen. Read more…

Euro (EUR)

Whoops! I guess Thursday’s rally was just a fluke, ‘coz the euro was back to being a big loser on Friday! Even with awesome GDP figures, it was unable to start a rally and shake off Greek debt concerns. Risk aversion had the euro dipping 132 pips against the dollar while losing 116 pips against the yen. Read more…

British Pound (GBP)

With no Lionel to help it out, the cable stammered down the charts like Bertie on Friday. After testing as high as the 1.6300 handle, it was all downhill for GBP/USD, as it fell all the way down to 1.6192, marking a 93 pip loss for the day. Read more…

Japanese Yen (JPY)

The yen shuffled on the charts last Friday like my home boys from LMFAO! It scored a win against each of its major counterpart, bagging the most pips from the euro when EUR/JPY ended the day 117 pips lower at 113.98. Against the dollar, it only scored a modest 8-pip gain. Hey, a win is a win, right? Read more…

Canadian Dollar (CAD)

The Loonie was no exception to the big losses we saw across the charts last Friday. The Greenback spared no one! After peaking at .9744 and forging a new 6-week high against the Greenback, USD/CAD ended the day 63 pips higher at .9687. Read more…

Australian Dollar (AUD)

The Aussie sped up all the way to the 1.0700 handle only to be attacked by bears. From an intraday high of 1.0717, AUD/USD crashed and burned to its closing price of 1.0566 which was 98 pips lower from its opening price. Ouch! Read more…

New Zealand Dollar (NZD)

And the consolidation continues! Just like it did for the most of last week, NZD/USD stayed within a tight range of about 120 pips. By the end of the day, NZD/USD was down 82 pips at .7873, but still above key support at .7850. Read more…

Swiss Franc (CHF)

Even the mighty franc couldn’t overcome dollar strength! USD/CHF rose a good 82 pips to end the week at .8927. With the pair now approaching a key support and resistance level, can the franc bulls regain their bearings? Read more…