Daily Forex Fundamentals – May 31, 2013

What’s on the Economic Horizon
Canadian economy to show 0.1% growth in March?
U.S. personal spending and income reports due

U.S. Dollar (USD)

The dollar bears saw more reason to attack yesterday as the release of disappointing U.S. reports weakened the factors that caused the dollar rally in the first place. The Greenback ended the day with losses against the euro, pound, yen, and the franc. Read more…

Euro (EUR)

Boo yeah! EUR/USD successfully landed back above the 1.3000 major psychological level and consolidated around 1.3050. EUR/JPY had its own share of gains as it edged closer to 132.00. Can the euro hold on to its recent gains? Read more…

British Pound (GBP)

Back to back baby! Once again, the pound found itself seated in the winners’ table, as it simply ran the table against the dollar. GBP/USD rose a solid 100 pips to finish at 1.5230. Read more…

Japanese Yen (JPY)

The yen’s price action was as mixed as my laundry, as appetite for higher-yielding currencies got mixed in with demand for the yen. USD/JPY bowed to the yen’s strength but EUR/JPY and GBP/JPY inched a bit higher at the end of the day. Read more…

Canadian Dollar (CAD)

My my, what a nasty tumble! USD/CAD initially found support at the 1.0350 area, climbed to a high of 1.0389, then plummeted to the 1.0300 mark. What was that all about? Read more…

Australian Dollar (AUD)

Another good day for the Aussie as AUD/USD avoided another drop. Thanks to Australian and U.S. reports, the pair only dropped to an intraday low of .9583 before ending the day 20 pips higher than its open price. Read more…

New Zealand Dollar (NZD)

Surprise, surprise! Just like that, the Kiwi is sliding down the charts! Thanks to comments from the RBNZ Governor, NZD/USD found itself 75 pips lower to finish the day at .8062! Read more…

Swiss Franc (CHF)

How about a round of applause for the Swissy? Not only did GDP figures come in better than expected, but it also posted another convincing victory against the dollar! USD/CHF closed 82 pips lower to finish the day at .9534. 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!