Daily Economic Roundup – April 4, 2011

What’s on the Economic Horizon

ECB Expected to Hike Rates by 25 Basis Points
RBA to Keep Rates Unchanged Again?

United States

What a wild and funky April Fools’ Day it was for the Greenback last Friday! The better-than-expected results of the non-farm payrolls proved to be positive for the Greenback, but dovish words from FOMC Vice Chairman William Dudley caused the Greenback to totally reverse its move. More…

Euro zone

Talk about a comeback victory! The euro recovered from a low of 1.4062 against the dollar to finish the day 50 pips higher at 1.4223 as traders continued to buy up the shared currency ahead of the ECB’s big interest rate decision on Thursday. More…

United Kingdom

Risk sentiment was ON like Donkey Kong last Friday after the big NFP report from the U.S. printed much better than markets had expected. As a result, pound bulls shrugged off a disappointing report from the U.K and hustled GBP/USD 71 pips higher at 1.6115. Meanwhile, GBP/JPY also rose by a whopping 208 pips to 135.54. Talk about a fun, fun, fun Friday! More…

Japan

Whoever said that the effects of a coordinated currency intervention don’t last long must be hiding under his bed by now! A healthy surge of risk appetite in markets last Friday weakened the low-yielding yen further in the charts, bringing USD/JPY to a six-month high at 84.11, while EUR/JPY also basked in a 172-pip gain to 119.62. More…

Canada

Y’all better watch out for cavities ’cause the Loonie has been lookin’ SWEEEEET lately! It gave another stellar performance on the charts last Friday as dovish words from the Fed and soaring oil prices gave the comdolls a solid lift against the USD. USD/CAD hit a fresh 40-month low after it closed 51 pips lower at .9645. More…

Australia

Just like the highest-grossing film last weekend, the Aussie HOP-ped to a fresh record high against the Greenback on a surge of risk appetite last Friday. AUD/USD ended its eleventh consecutive daily gain 41 pips higher than its open price at 1.0385. Boo yeah! More…

New Zealand

The Kiwi’s win last Friday was simply effortless! It didn’t need any support from New Zealand data to forge a new two-month high against the Greenback. It kicked back, relaxed, and let rising commodities carry NZD/USD up from .7361 to .7669. More…

Switzerland

Similar to other major currencies, the Swissy’s price action last Friday was shaped like a V! The currency initially lost against the Greenback after the release of a better-than-expected non-farm payrolls report, but managed to recuperate some of its losses due to dovish comments from FOMC Vice Chairman William Dudley. USD/CHF ended Friday at .9250, a 66-pip gain from its day open price. More…