Daily Economic Roundup – April 29, 2011

What’s on the Economic Horizon

PCE Index To Show Subdued Inflation
KOF Economic Barometer to Inch Lower
Canada: Did Not Grow in February?

United States

All you dollar bulls must be hurtin’ right now! Once again, the dollar found itself on the losing end during yesterday’s trading, as it struggled against most of its major counterparts. EUR/USD edged 26 pips higher to finish at 1.4821, while USD/JPY dropped 50 pips to end at 81.54. More…

Euro zone

Whoa boy, slow down! After the EUR/USD’s strong movements on Wednesday, the currency decided to just chill in the charts yesterday and bounce around between a relatively tight 114-pip range. At the end of the day, EUR/USD found itself at 1.4824, a mere 29 pips higher from its day open price. More…

United Kingdom

Cable’s price action yesterday was as sharp as a needle. Cable started the day very strong and rallied as high as high as 1.6747, but it made a hard U-turn and gave up all of its gains to end the day at 1.6638. All in all, Cable only gained 3 pips. If you look at the daily chart of Cable, you’ll see a very pointed pin-like candlestick!

Japan

With the markets mostly in consolidation, yen crosses gave back some of their recent gains, allowing the yen to come out on top yesterday. EUR/JPY and GBP/JPY dropped 51 and 78 pips respectively, ending the day at 120.84 and 135.68. More…

Canada

Due to the absence of high-profile economic reports from Canada, USD/CAD found itself right where it left off at the end of the U.S. trading session. It closed the day at .9508, just 5 pips higher from its opening price. More…

Australia

Is there no stopping the Aussie? For the 3rd consecutive day, AUD/USD rallied up the charts, breaking another psychological round figure (1.0900) along the way. The pair rose 56 pips to find itself closing at 1.0927. Is 1.1000 out of the question? More…

New Zealand
Yesterday, the Kiwi showed us all why it was named after a flightless bird. Without any support from economic data, NZD/USD dropped 62 pips to .8015, forming a bearish daily candlestick after Wednesday’s spinning top. Is the Kiwi really destined to fall? More…

Switzerland

The Swissy looked just like a crab the way it traded sideways yesterday! Even with the U.S.’s GDP release, USD/CHF stayed in consolidation, closing just 6 pips lower at the end of the day. More…