Daily Economic Roundup – April 11, 2011

What’s on the Economic Horizon

FOMC Members To Drop Hints on Interest Rates Tonight?
Upside Surprise in U.K. CPI Tomorrow?

United States

The dollar’s demise reminds me of my first love… or rather, the way I got dumped! Once again, the dollar found itself eating ice cream and crying itself to sleep, as it got rejected in the forex market last Friday. EUR/USD rose 150 pips to close at 1.4456, its highest level in a year. More…

Euro zone

Now that’s how you power through! The euro showed no signs of slowing down in the wake of the ECB’s big interest rate decision. Even with Portugal’s request for a bailout still fresh in the air, EUR/USD continued to march on, finishing the day 153 pips higher at 1.4456. More…

United Kingdom

Despite the strong resistance at the 1.6400 handle, GBP/USD refused to back down last Friday as it ended 48 pips above its day open price of 1.6315. Meanwhile, GBP/JPY stopped in its tracks at 140.00 before closing at 138.84. More…

Japan

Oh, what a slump! The yen traded lower against most of its major counterparts last Friday when Japan released weak economic figures. It managed to squeeze a few gains from the Greenback as USD/JPY ended 8 pips below its open price of 84.93, but it fell sharply against the euro and the pound. More…

Canada

The Loonie looked about as fresh as the Fresh Prince as it forged fresh highs against the Greenback last Friday. Bulls went on a Loonie-buying frenzy during the Tokyo and London sessions, but they went missing in the New York session after seeing not-so-upbeat employment data. As a result, USD/CAD slid back from its intraday low of .9526 to finish the day 11 pips lower at .9574. More…

Australia

The Aussie should really teach Charlie Sheen a thing or two about winning because, unlike the Two and a Half Men star who seems to have lost his marbles, the Australian dollar just kept reaching record highs. AUD/USD ended the week 34 pips above the 1.0500 handle while AUD/JPY edged even closer to the 90.00 mark. More…

New Zealand

Uh-huh, you know what it is! KIWI POWER YO! With risk appetite back in style, traders gobbled up the Kiwi and pushed NZD/USD up another 32 pips to close at .7819. More…

Switzerland

Make that three in row! After a couple of weeks of choppy trading, it seems that the Swiss franc is back to its winning ways, as it posted its third straight win against the dollar. USD/CHF fell another 66 pips, ending the week at .9093. More…

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