Daily Forex Fundamentals – May 30, 2013

What’s on the Economic Horizon

U.S. Preliminary GDP on Tap!
BOC More Optimistic on the Economy
Swiss GDP Seen at 0.2%

U.S. Dollar (USD)

Looks like the dollar bulls just couldn’t sustain their strong showing from Tokyo session! The dollar gave back all its gains and then some, as it slid against most of its major counterparts. What gives? Read more…

Euro (EUR)

Bad data? That ain’t a problem for the euro! Well, at least it wasn’t in yesterday’s trading. The shared currency traded higher against the dollar despite disappointing figures from the euro zone. EUR/USD bounced off 1.2850 to close the day with a 79-pip gain at 1.2941. Read more…

British Pound (GBP)

Thanks to broad-based dollar weakness, GBP/USD was able to shrug off disappointing economic data and dovish remarks from MPC member Bean to finish 82 pips higher at 1.5131. Overall, it was a good day to be a pound bull! Read more…

Japanese Yen (JPY)

What a day for the yen! The yen sliced and diced its way throughout the forex markets, as risk aversion took its toll on the markets. After trading above 102.00, USD/JPY now finds itself trading below 101.00. Is a test of 100.00 coming up next? Read more…

Canadian Dollar (CAD)

The losing streak ends at three! Yesterday, the Loonie was finally able to pare some of its losses against the dollar after the BOC’s slightly optimistic rate statement. USD/CAD fell below 1.0400 during the New York session to finish the day with a 45-pip gain for the Loonie at 1.0351. Read more…

Australian Dollar (AUD)

Just when we thought the Aussie was gonna go down under, it sprung back to life late in the day! After trading as low as .9527, AUD/USD came storming back to finish above the .9600 handle. What gives, mate? Read more…

New Zealand Dollar (NZD)

We got a rare glimpse of the Kiwi’s strength as it forced NZD/USD to trade 48 pips higher to close at .8138. Is this the beginning of a major reversal or was yesterday’s rally nothing but a dead cat bounce? Read more…

Swiss Franc (CHF)

Has the Swissy been pumping iron or what?! It flexed its muscles against its major counterparts yesterday, carrying EUR/CHF down 105 pips to 1.2444 while dragging USD/CHF 141 pips lower to finish at .9616. Will it continue dominating its counterparts today? 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!