Daily Forex Fundamentals – May 29, 2012

What’s on the Economic Horizon

U.S. and European traders return from 3-day weekend
U.K. CBI realized sales index to slip to -7
New Zealand building consents to print another big increase?

U.S. Dollar (USD)

As the saying goes, “you win some, you lose some!” The dollar got a taste of both victory and defeat yesterday as it marked gains against the euro but edged lower against the yen. What’s in store for it today? Read more…

Euro (EUR)

Nice try, euro bulls! Just when we thought that the euro might finally catch a break, concerns on Spain dragged the common currency by the end of the day. EUR/USD fell by 45 pips, while EUR/JPY also slipped by 39 pips. Read more…

British Pound (GBP)

After gapping higher against the Greenback over the weekend, the pound slid back down as the day dragged along and eventually closed the gap. GBP/USD dipped to a low of 1.5663 then ended the day at 1.5665. Read more…

Japanese Yen (JPY)

There ain’t no stopping the yen! Among the three most traded currencies, it was the strongest performer as it posted gains against both the dollar and the euro. Will the markets continue buying up this safe haven currency? Read more…

Canadian Dollar (CAD)

Finally, a breather for the Loonie! Thanks to improved risk sentiment in markets, the Loonie was able to put a stopper on its losses. USD/CAD dropped to an intraday low of 1.0220 before it capped the day at 1.0255. Read more…

Australian Dollar (AUD)

Score another one for the Aussie! For the first time in a long time, it recorded its second straight win against the dollar as Aussie bears took a breather and allowed bulls to take control over AUD/USD. Will this pair continue to soar? Read more…

New Zealand Dollar (NZD)

NZD/USD gapped up over the weekend and the pair struggled to stay above its week open price of .7585 the entire day. The pair spiked to a high of .7645 but crawled back down to close at .7587. Can NZD/USD make bigger moves today? Read more…

Swiss Franc (CHF)

So much for getting a headstart against the Greenback! USD/CHF quickly closed its weekend gap as the pair failed to stay below its week open price of .9556 and rallied towards the .9600 handle instead. EUR/CHF, on the other hand, had a relatively peaceful day as it consolidated around the 1.2020 area. Read more…

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

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Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!