Daily Forex Fundamentals – May 24, 2012

What’s on the Economic Horizon
U.S. durable goods orders due today
Chinese HSBC flash manufacturing PMI to climb from 49.3?
Euro zone PMI figures on tap

U.S. Dollar (USD)

The Greenback continued to rally against its major counterparts, excluding the Japanese yen, as risk aversion extended its stay in the markets. EUR/USD fell to a new low of 1.2545 before closing at 1.2601 while GBP/USD slipped to the 1.5700 handle. Will we see more safe-haven rallies today? Read more…

Euro (EUR)

Stop, drop, kaboom! The euro came under a lot of selling pressure again yesterday as “Grexit” concerns continued to plague the foreign exchange market. EUR/USD closed out the U.S. trading session with a 79-pip loss at 1.2601. Read more…

British Pound (GBP)

When there’s a possibility of a QE, you can bet your neighbor’s cat that the currency bears will take action! Thanks to weak economic data from the U.K., Cable dropped by another 48 pips to 1.5709, while GBP/JPY also slipped by 113 pips to 124.87. Yikes! Read more…

Japanese Yen (JPY)

Safe-haven flows propped up the lower-yielding Japanese yen in yesterday’s trading, allowing USD/JPY to close nearly 50 pips down from its 79.97 open price and EUR/JPY to dip below the 100.00 handle. What’s in store for these yen pairs today? Read more…

Canadian Dollar (CAD)

Due to the disappointing retail sales report and falling crude oil prices, the Loonie experienced another day of defeat yesterday. USD/CAD, which began the day at 1.0219, found itself 23 pips higher at 1.0242 by the end of the U.S. trading session. Read more…

Australian Dollar (AUD)

The Aussie sure knows a thing or two about going down under! AUD/USD slipped to its yearly low as risk aversion dominated yesterday’s trading. After opening at .9817, the pair dipped 10 pips below the .9700 major psychological level and closed at .9770. Will it continue to break lower today? Read more…

New Zealand Dollar (NZD)

Looks like the party ain’t over for the Kiwi bulls! NZD/USD registered another 29-pip loss yesterday after the country’s inflation expectations printed weaker-than-expected. Wait till you see what New Zealand just released though. Read more…

Swiss Franc (CHF)

With no economic report scheduled from Switzerland yesterday, the franc lost against most of its major counterparts. Its losses were particularly notable against its fellow “safe havens” like the dollar and the yen, while it also slipped against the pound and stagnated against the euro. 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!