Daily Economic Roundup – February 22, 2011

What’s on the Economic Horizon

CB Consumer Confidence Confidence Seen at 65

Canadian Retail Sales Coming Out Today
Australia NAB Business Confidence Drops to 5.0 in Q4

United States

Were the dollar bears also on vacation yesterday? The Greenback got a breather from all the bad vibes yesterday when it inched higher against its major pip buddies. A bit of risk aversion in markets dragged EUR/USD by 28 pips to 1.3677, while USD/JPY climbed by 6 pips to 83.12. More…

Euro zone

What a letdown! Despite the amount of data releases from euro zone, the euro’s movement was as directionless as a man shopping in Bloomingdales. Hah! EUR/USD bounced around a tight 50-pip range yesterday before closing at 1.3677, a mere 28 pips lower from its opening price. More…

United Kingdom

Because risk aversion was the name of the game during yesterday’s trading, the pound got outshone by the dollar just like LeBron was by Kobe in the NBA All Stars game. GBP/USD opened at 1.6256 and traded lower all throughout the day, closing at 1.6226. More..

Japan

Like most of the majors, the yen’s moves on the charts yesterday were as tight as Katy Perry’s jeans. Against the euro, it was only able to snatch 15 pips when EUR/JPY closed at 113.68 despite risk aversion backing it up. Meanwhile, USD/JPY was almost unchanged at 83.12. More…

Canada

Oil, baby! Thanks to the unexpected rise in oil prices yesterday, the Loonie was able to post some nice gains over other major currencies yesterday. USD/CAD closed the day at .9828, which was almost 40 pips lower from its opening price. More…

Australia

Looks like the fun stops at three! The Aussie wasn’t able to gain on the Greenback for the fourth day in a row yesterday when risk aversion in markets sent the high-yielding currencies down the charts. After reaching an intraday high of 1.0154, AUD/USD dropped by 60 pips and closed at 1.0094. More…

New Zealand

With some U.S. traders still out on break, action on NZD/USD yesterday was as flat as a pug’s face. It traded within a 45-pip range but lucky for the Kiwi, there were enough bulls to push it 9 pips higher from its opening price. At the end of the day, it was at .7638. More…

Switzerland

The boards were empty in the Land of the Swiss Alps yesterday, but that didn’t keep franc bears from getting any action! The franc skidded against the euro and the dollar, with USD/CHF moving 35 pips higher at .9471. Meanwhile, EUR/CHF reached an intraday high of 1.2978 before capping the day at 1.2953. More…