Daily Economic Roundup – April 28, 2011

What’s on the Economic Horizon

U.S. Fed decides to end QE2 on schedule
U.K. GDP in line with expectations
Australia’s CPI highest since 2008

United States

Guess who just came in and cheered the markets up like it was Christmas! Yesterday Fed Chairman Ben Bernanke announced the Fed’s decision to end its QE2 program as scheduled, which boosted risk appetite in markets. As a result, the low-yielding Greenback took major hits, with EUR/USD flying by 154 pips to 1.4794 and GBP/USD rocketing by 160 pips to 1.6635. More…

Euro zone

Can’t touch this! There was just no stopping the euro from closing at its new one year high against the dollar at 1.4795 yesterday. Against the yen, it rallied 198 pips to end the day at 121.35. Boo yeah! More…

United Kingdom

It’s all about the positives, baby! The pound was able to rally strongly against the dollar yesterday, thanks to the GDP report showing growth. GBP/USD, which started the day at 1.6475, closed the U.S. trading session a whopping 160 pips higher at 1.6635. More…

Japan

Ooomph! With the way the yen was clobbered in the charts yesterday, it looks as if its major counterparts did The Powerbomb on it many times over! Disappointing economic reports from Japan and a not-so-surprising downgrade of its credit rating outlook plunged the yen across the board, with USD/JPY tipping an intraday high of 82.79. EUR/JPY also rose by a whopping 198 pips to 121.35, while GBP/JPY climbed by as much as 213 pips to 136.46. More…

Canada

Geronimooo! Despite the lack of economic data to munch on, bears on USD/CAD still enjoyed the trip down from the pair’s intraday high of .9577 all the way to its closing price of .9503 yesterday. More…

Australia

Thanks to positive inflation reports from Australia and US Fed Chairman Ben Bernanke’s speech yesterday, AUD/USD blasted through possible resistance levels and went on to make new highs. Boo yeah! The pair started rising almost as soon as the day started, and closed 90 pips above its open price. At this rate, the Aussie will reach 1.0200 before you know it! More…

New Zealand

What a bore! Due to the absence of high-profile economic reports from New Zealand, NZD/USD ended the U.S. trading session barely changed from its day open price. NZD/USD closed at .8077, a mere 13 pips higher. More…

Switzerland

If you’re a fan of see-saws, then you must’ve enjoyed trading USD/CHF yesterday! The pair fell below .8700 major psychological handle early during the Asian session, but quickly recovered and rallied .8834. At the end of the day, USD/CHF was at .8738, just 21 pips lower from its opening price. More…