Daily Economic Roundup – April 20, 2011

What’s on the Economic Horizon

Existing Home Sales Expected to Hit 5.02 Million

German PPI to Rise by 0.8%
MPC Meeting Minutes on Tap

United States

When there’s a will, there’s a way! After two days of getting pummeled, the dollar bears decided they have had enough of the bulls’ shenanigans and sprang into action. The bears sold the dollar across the board like madmen yesterday, and took the currency 98 pips lower against the euro and 46 pips lower versus the pound. More…

Euro zone

A day after burning in sovereign debt hell, the euro rose back from the dead and haunted its tormentors. EUR/USD rose a solid 98 pips to close at 1.4330, while EUR/JPY is currently trading just below the 119.00 handle, over 200 pips from its lows on Monday. More…

United Kingdom

Despite the lack of economic data, the Sterling sparkled like Big Pippin’s bling-bling as it rallied past the 1.6300 handle against the dollar in yesterday’s trading. Ooh la la! With the BOE minutes on tap today, will it finally break resistance at 1.6400? More…

Japan

The yen turned out to be one of the major underperformers in yesterday’s trading session due to the market’s increased appetite for risk. The yen lost the most versus the euro, as EUR/JPY ended the day almost 150 pips higher. More…

Canada

Boom baby! That’s how you handle your business! Thanks to some good economic data and overall improved risk appetite, the Canadian dollar trampled all over its American counterpart. USD/CAD closed 97 pips lower for the day, finishing at .9565. Up next, .9500? More…

Australia

Similar to other major currencies, the Aussie was able to take advantage of the dollar’s weakness yesterday. After falling to 1.0443 intraday, the bulls bought it up like crazy and managed to push it back to 1.0518 by the end of the day. More…

New Zealand

Altogether now, “Loser!” The Kiwi got picked on by bears during yesterday’s trading, becoming the only comdoll to score a loss against the dollar. After NZD/USD tumbled to a low of .7822, the Kiwi was only able to recover part of its losses and end the day 31 pips lower from its opening price at .7879. More…

Switzerland

Whoa! Was the market playing Swizz Beatz tunes yesterday, or did those sounds just come from all the beating the Swissy got? Ha! Both USD/CHF and EUR/CHF ended the day higher with the Swissy losing 33 pips to the dollar and 137 pips to the euro. More…