Daily Economic Roundup – February 23, 2011

What’s on the Economic Horizon

Annualized Existing Home Sales to Fall to 5.2 Million
MPC Meeting Minutes on Deck

United States

With upbeat data and risk aversion working for it, rackin’ up pips was a walk in the park for the dollar! It gained against almost all of its major counterparts yesterday! From its opening price of 1.3680, EUR/USD fell to a low of 1.3524 before it bounced back to close at 1.3671, while GBP/USD dropped 70 pips to 1.6156. More…

Euro zone

You know how EUR/USD’s price action looked like yesterday? A “U” that’s how! EUR/USD moved in two distinct halves yesterday, falling sharply during the Asian session but strongly rallying once the European trading session rolled along to recuperate its losses. At the end of the day, EUR/USD was at 1.3653, just 24 pips lower from its opening price. More…

United Kingdom

Traders dropped the pound like it was hot during yesterday’s trading. Tss! GBP/USD opened at 1.6218 and fell to a low of 1.6101 before ending the day at 1.6130. Meanwhile, GBP/JPY spiked up to 135.50 before tumbling to its closing price of 133.49. More…

Japan

Action on the yen pairs during yesterday’s trading was as intense as Kevin Garnett’s game face. USD/JPY and EUR/JPY spiked during the Asian session only to tumble to support levels. More…

Canada

No one went loony for the Loonie yesterday as poor retail sales data caused traders to ditch the Canadian currency. As a result, USD/CAD rose sharply from its opening price of .9828 and finished the day at .9908. More…

Australia

Just like Paramore, Aussie bulls were in the business of misery yesterday as AUD/USD fell like a rock to .9883 after opening at 1.0093. That’s what you get when risk aversion kicks in! Whoooaa-ooh! More…

New Zealand

The Kiwi dropped like a rock across the board yesterday as a huge earthquake hit New Zealand yesterday. News reports said that the 6.3 magnitude earthquake took at least 65 casualties and the damages it caused could weigh down heavily on the economy. At the end of the day, NZD/USD was trading at .7457, 181 pips lower from its opening price. More…

Switzerland

The Swissy was a beast on the charts yesterday! Amidst mixed economic feedback, it was able to rip through its major counterparts as risk aversion seized the markets. USD/CHF and EUR/CHF continued their downtrends as they dropped 84 pips and 136 pips, and closed at .9387 and 1.2817, respectively. More…