Daily Forex Fundamentals – May 26, 2011

What’s on the Economic Horizon?

U.S. Preliminary GDP seen at 2.2%
Swiss Trade Balance expected to double
Australia’s private capital spending report climbs to 3.4%

U.S. Dollar (USD)

Ooomph! The dollar took another hit against many of its major counterparts yesterday as weaker-than-expected economic data weighed on the Greenback. Though EUR/USD 25 pips lower at 1.4084, USD/CHF plunged by 64 pips to .8728 while GBP/USD rose by 90 pips to 1.6281. Read more…

Euro (EUR)

Did y’all see that?! The euro just jumped by 500 pips against the Greenback as euro zone debt problems magically disappeared! Sike! With all the debt troubles in the euro zone right now, it’s no surprise that EUR/USD and EUR/JPY both chalked up another losing day. EUR/USD ended up at 1.4084 while EUR/JPY closed at 115.50. Read more…

British Pound (GBP)

Well, well, guess who turned out to be one of the biggest winners in the forex market yesterday? The pound! Despite softer economic data, the pound still managed to stage a magnificent rally across the board in yesterday’s trading session, gaining 90 pips over the dollar and 83 pips versus the yen. Read more…

Japanese Yen (JPY)

Once again, the yen’s price action was mixed as one of Happy Pip’s mocktails when it gained on the euro and the franc, but lost to the dollar and the pound. GBP/JPY closed 78 pips higher at 132.43, while EUR/JPY slipped by 15 pips to 115.44. Here’s why. Read more…

Canadian Dollar (CAD)

Let’s go, Loonie, let’s go! Although the Loonie started the day on a weak foot and was outpaced by the Greenback, it put up a good fight during the U.S. session. Unfortunately, the Loonie’s valiant efforts weren’t enough to warrant a win. USD/CAD reached a high of .9817 and ended at .9776. Read more…

Australian Dollar (AUD)

Risk aversion sure did its number on the Aussie! AUD/USD dropped to 1.0450 early in the Asian session, but soon recovered to only a 27-pip loss against the day’s open price. What gives? Read more…

New Zealand Dollar (NZD)

The Kiwi was left out in yesterday’s party as it was unable to make significant gains over the dollar like other major currencies. NZD/USD found itself trading at .7988 by the end of the U.S. trading session, which was merely 12 pips higher from its opening price that day. Read more…

Swiss Franc (CHF)

“I’m number one!” cried the Swissy yesterday as it bullied the Greenback into submission yesterday. USD/CHF, after it had opened the day at .8792, fell almost the entire day to close the U.S. trading session at .8728. All in all, the pair dropped a good 64 pips. Read more…

Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just work well together.

In forex trading, you get better odds at securing pips when your fundamental analysis is complemented by technical analysis.

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