Daily Forex Fundamentals – May 30, 2011

What’s on the Economic Horizon

U.S. Non-farm Payrolls This Week
Canada’s March GDP to Turn Positive

U.S. Dollar (USD)

For the fourth straight day last Friday, the dollar found itself on the back foot as it trailed behind other major currencies. The U.S. dollar index, which measures the performance of the dollar versus a basket of currencies, stumbled to 75.35 after it had opened the Asian trading session at 76.00. Ouch! Read more…

Euro (EUR)

“I just can’t get enough…” The euro bulls did a Black Eyed Peas number last Friday when they pushed the euro higher against most of its pip comrades. Though EUR/CHF slipped by 61 pips to 1.2181, EUR/USD climbed by a whopping 149 pips to 1.4286. Meanwhile, EUR/GBP also inched by 46 pips higher to .8668. Read more…

British Pound (GBP)

My my, look at the pound fly! GBP/USD reached a high of 1.6509 last Friday as the U.S. dollar sold off like pancakes on a state fair. In fact, cable jumped by almost 450 pips from a low of 1.6060 last week. Can the pound keep up its winning streak this week? Read more…

Japanese Yen (JPY)

The yen’s price action against other major currencies last Friday was as mixed as bag of Trail Mix! The yen was able to close the U.S. trading session higher versus the dollar, but fall against everything else. EUR/JPY, for instance, ended Friday 51 pips higher at 115.51. Read more…

Canadian Dollar (CAD)

*Yawn.* USD/CAD’s 50-pip range was tighter than Happy Pip’s tutu last Friday when the lack of economic reports from Canada extended the pair’s move from Thursday. The pair dropped to an intraday low of .9753 before closing with a 13-pip loss at .9774. Read more…

Australian Dollar (AUD)

Give the Aussie a round of applause folks, as it was able to score another win! Thanks to the prospect of further loose monetary policy from the Federal Reserve, AUD/USD was able to rise in the charts and close the U.S. trading session 63 pips higher at 1.0693 last Friday. Read more…

New Zealand Dollar (NZD)

Talk about record-breaking! The Kiwi made new highs against the U.S. dollar last Friday, boosted by news that China would be investing in New Zealand. NZD/USD broke above the .8100 area and reached a high of .8199 that day. It even gapped higher over the weekend, which means we might see more Kiwi strength this week. Read more…

Swiss Franc (CHF)

The Swiss franc showed that it was never too early to start the party as it grooved to Taio Cruz’s “Higher” during the wee hours of the Asian session last Friday. USD/CHF fell by more than a hundred pips from the .8650 area while EUR/CHF sank below the 1.2200 mark. How much higher can the Swissy go? 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!