Daily Forex Fundamentals – May 31, 2011

What’s on the Economic Horizon
BOC to keep rates on hold at 1.00%
Swiss economy probably grew by 0.6% in Q1 2011
U.S. consumer confidence improved in May?

U.S. Dollar (USD)

Oh how the Greenback missed the presence of U.S. traders who were off on a Memorial Day holiday yesterday! The U.S. dollar moved lazily across the charts and lost some ground against some of its major counterparts. Will it be able to bounce back today or will the dollar bears pounce? Read more…

Euro (EUR)

The euro gapped up against the dollar to start the week, but that was about the only piece of action we got on EUR/USD the entire day! Boooring! After opening at a three-week high (1.4332), EUR/USD turned off the afterburners to consolidate and coast down to 1.4282. Read more…

British Pound (GBP)

As yesterday’s bank holidays in the U.S. and the U.K. flushed out almost two-thirds of the usual trading volume, market focus turned to the euro region. But that doesn’t mean that the pound failed to get any action! GBP/USD capped the day 36 pips lower than its open price at 1.6470, while EUR/GBP dipped by 13 pips to .8672. Read more…

Japanese Yen (JPY)

The Japanese yen couldn’t seem to find its “inner peace” yesterday as it gave a mixed performance against its major counterparts. Despite the absence of U.S. traders, the yen lost ground to the U.S. dollar as USD/JPY closed a few pips shy of the 81.00 handle. The yen managed to outpace the euro but it stayed flat against the pound. How will it fare today? Read more…

Canadian Dollar (CAD)

GDP? What GDP? Loonie traders acted like they didn’t see Canada’s solid GDP results as they hardly moved USD/CAD yesterday. The pair stayed within a tight 35-pip range and closed just 5 pips lower for the day. Read more…

Australian Dollar (AUD)

The Aussie seemed too excited to get a headstart against the U.S. dollar as AUD/USD gapped higher over the weekend. However, the pair was unable to hold on to its 1.0728 open price as it edged lower for the rest of the day and closed at 1.0683. Let’s find out whether the Aussie could bounce back today. Read more…

New Zealand Dollar (NZD)

High five! Or should I say high twenty-five? After its Barcelona-like performance against the Greenback last Friday, NZD/USD went above .8215 and reached a 25-year high yesterday. Boo yeah! Read more…

Swiss Franc (CHF)

Yeouch! The franc got burnt like a Memorial Day barbeque yesterday when there were barely any economic reports (and traders) to move the price action around. EUR/CHF ended the day 28 pips higher at 1.2179, while USD/CHF took a breather from its record-breaking fall by climbing by 47 pips to .8528. 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!

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