Daily Forex Fundamentals – May 25, 2011

What’s on the Economic Horizon?

Will the U.S. Durable Goods report boost risk appetite?
U.K.’s revised GDP report eyed at 0.5%
More good news to come from Germany?

U.S. Dollar (USD)

The dollar lost to almost all of its counterparts in yesterday’s trading. Oh, somebody has been snoozin’! EUR/USD ended the day 61 pips higher at 1.4109 while GBP/USD closed 79 pips higher at 1.6191, and USD/JPY ended the day 8 pips lower at 81.93. Read more…

Euro (EUR)

Thanks to some good news from the euro zone, EUR/USD was able to slightly recuperate its losses yesterday. It closed out the U.S. trading session at 1.4109, a solid 50 pips higher from its opening price during the Asian session. Read more…

British Pound (GBP)

The pound threw its weight around (Hah!) when it posted gains against its counterparts despite a worse-than-expected report from the U.K. Cable ended up with a 79-pip gain at 1.6191, while GBP/JPY also rose by 51 pips to 132.64. Boo yeah! Read more…

Japanese Yen (JPY)

Easy there fella! It looks like the yen had too much sake in yesterday’s trading, looking so lost in the charts. While it managed to sneak an 8-pip win against the dollar when USD/JPY closed at 81.93, it gave up 39 pips to the euro, ending the day at 115.20. Read more…

Canadian Dollar (CAD)

It looks like the Loonie is up to old tricks again, moving sideways across the board as the doldrums of summer approaches! USD/CAD just traded within a very tight 50-pip range yesterday, bouncing off resistance at .9800 and finding support at .9755. Read more…

Australian Dollar (AUD)

Slow and steady was the way to go for the Ausse in yesterday’s trading. After opening at 1.0507, AUD/USD crept up the charts, wiggling its way through resistance at 1.0550, and ending the day at 1.0559. Read more…

New Zealand Dollar (NZD)

Up, up, here we go! Yesterday NZD/USD capped the day with a 38-pip gain at .7977 when the comdolls pared back some of their losses against the Greenback. Of course, it didn’t hurt that New Zealand released a positive economic report! Read more…

Swiss Franc (CHF)

The franc pulled a fast five – I mean fast one on its major counterparts when USD/CHF and EUR/CHF dropped even when there’s a bit of risk rally in markets yesterday. Swissy fell from its .8893 intraday high and closed almost a hundred pips below at .8792, while EUR/CHF slipped by 10 pips to 1.2405. 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!

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